2654

First Bank of Nigeria Plc
Head Office: 35, Samuel Asabia House, Marina, Lagos
www.firstbanknigeria.com
First Bank of Nigeria Plc | Annual Report & Accounts 2009
Registration No. RC6290 First Bank of Nigeria Plc | Annual Report & Accounts 2009
ABBREVIATIONS
ANNUAL
ALCO – Assets & Liabilities Management Committee KRI – Key Risk Indicator
ATM – Automated Teller Machine LAD – Loans and Advances
BARAC – Board Audit and Risk Assessment Committee LASACS – Large Scale Agricultural Credit Scheme
BDO – Business Development Office mbd – million barrels a day
REPORT
CAGR – Cumulative Annual Growth Rate MDAs – Ministries, Departments and Agencies
CAM – Classified Assets Management Dept MFBs – Microfinance Banks
CAP – Credit Analysis & Processing Dept MFR – Member of the Order of the Federal Republic
CBN – Central Bank of Nigeria mni – Member National Institute
& ACCOUNTS
CCO – Chief Compliance Officer MPA – Mortgage Plan Account
CON – Commander of the Order of the Niger MPC – Monetary Policy Committee
CPFA – Close Pension Fund Administrator MPR – Monetary Policy Rate
CRM – Credit Risk Management N – Naira
CRO – Chief Risk Officer NSE – Nigerian Stock Exchange
CSA – Children Savings Account OFR – Officer of the Federal Republic
CSCS – Central Securities Clearing System OPL – Open Position Limit
2009
CSR – Corporate Social Responsibility ORM – Operational Risk Management Division
Introduction 2 Business Review 23
EAR – Earnings At Risk OTC – Over The Counter
Financial Highlights 2 Operating Environment 24
Chairman’s Statement 4 Industry Review and Outlook 30 ED – Executive Director PAT – Profit After Tax
Group Managing Director/ The Bank 36 EPS – Electronic Payment System PFA – Pension Fund Administrator
CEO’s Review 7 Corporate Social Responsibility 42
EXCO – Executive Committee POS – Point of Sale
Milestones 14 Key Performance Indicators 48
Board of Directors 16 FBN BDC – FBN Bureau de Change Ltd RCSA – Risk Control Self Assessment
Risk Management Disclosure 52
Awards 22 FBN MB – FBN Microfinance Bank Ltd RDAS – Retail Dutch Auction System
FBN UK – FBN Bank (UK) Ltd RMD – Risk Management Directorate
About FirstBank FCA – Fellow of the Institute of Chartered Accountants of Nigeria RTGS – Real Time Gross Settlement System
Headquartered in Lagos, FirstBank has international presence through its FFL – First Funds Ltd SBU – Strategic Business Unit
subsidiary FBN Bank (UK) in London and Paris and its offices in Johannesburg and
FGN – Federal Government of Nigeria SEC – Securities and Exchange Commission
Beijing. With about 1.3 million shareholders across several countries, FirstBank is
quoted on The Nigerian Stock Exchange and has an unlisted Global Depository FIRS – Federal Inland Revenue Service SMEEIS – Small and Medium Enterprise Equity
Investment Scheme
Receipt (GDR) programme. FRNL – First Registrars Nigeria Ltd
SMIEIS – Small and Medium Industries Equity
FSRCC – Financial Sector Regulatory Coordinating Committee
The Bank provides a comprehensive range of retail and corporate solutions Investment Scheme
FSS – Financial Sector Strategy
and through its subsidiaries contributes to national economic development – SRF – Strategic Resource Function
in capital market operations, insurance brokerage, bureau de change, private FTNL – First Trustees Nigeria Ltd
TLP – Total Loan Portfolio
equity/venture capital, pension funds management, registrarship, trusteeship, GCFR – Grand Commander of the Order of the Federal Republic
TSR – Total Shareholder Return
mortgages and microfinance. GDR – Global Depository Receipt
VAR – Value At Risk
ISMD – Information Security Management Department
Drawing from experience that spans 115 years of dependable service, the Bank WDAS – Wholesale Dutch Auction System
has continued to strengthen its relationships with customers, consolidating KPI – Key Performance Indicator
alliances with key sectors that have been strategic to the well-being and growth
of Nigeria.
FirstBank, unarguably the country’s most diversified financial services group,

serves more than 4.2 million customers through 536 locations in Nigeria.
OUR MISSION OUR BRAND OUR STRATEGIC
To remain true to PILLARS PRIORITIES
our name by providing • Enterprise • Growth
the best financial • Service Excellence • Performance Management
services possible • Heritage & People
• Leadership • Operational Excellence
OUR VISION
To be the clear leader
and Nigeria’s bank of
first choice
Financial Review 73 Company Information 131 Shareholder Information 163

Report of the Directors 74 Departmental Heads 132 Global Depositary
Corporate Governance 79 Subsidiaries 135 Receipt Programme 164
Directors and Advisers 84 Business Development Managers 138 Shareholding Structure 164
Report of the External Consultant Contact Information 143 Dividend History 164
on the Board Appraisal 85 Selected Products and Services 146 Share Capitalisation History 165
Report of the Independent Branch Network 149 Financial Calendar 166
Joint Auditors 86 Notice of Annual
Report of the Audit Committee 87 General Meeting
Statement of Significant Forms
Accounting Policies 88 Proxy Form
Balance Sheet 93 E-Dividend Form
Profit and Loss Account 94 CSCS Account Notification Form
Statement of Cash Flows 95 Shareholder Online Access
Notes to the Financial Registration Form
Statements 96 E-Share Notifier Subscription Form
Group Statement of
Value Added 127
Bank Statement of
Value Added 128
Group Five-year Financial
Summary 129
Bank Five-year Financial
Summary 130
2 Introduction
GROUP FINANCIAL HIGHLIGHTS

for the year ended March 31, 2009
bn
Total assets 2,500
2,009.9
N2,009.9 billion 2,000
1,500
1,528.2
31.52% increase 2008: N1,528.2 billion

1,000 911.4
616.8
470.8
500
2005 2006 2007 2008 2009
bn
1,194.5
Deposit liabilities 1,200
1,000
N1,194.5 billion 800

599.7
700.2
600
70.59% increase 2008: N700.2 billion 448.9
400 332.2
200
2005 2006 2007 2008 2009
bn
Gross earnings 250
218.3
N218.3 billion 200
150
155.7
40.17% increase 2008: N155.7 billion

100 91.2
67.4
57.3
50
2005 2006 2007 2008 2009
bn
Profit on ordinary activities before taxation 60

53.8
50 47.9
N53.8 billion 40
30
12.30% increase 2008: N47.9 billion 21.8
25.9
20 16.8
10
2005 2006 2007 2008 2009
First Bank of Nigeria Plc Annual Report & Accounts 2009

3
Financial Highlights 2
Chairman’s Statement 4
Group Managing Director/CEO’s Review 7
FINANCIAL HIGHLIGHTS Milestones

Board of Directors
14
16
for the year ended March 31, 2009 Awards 22
The Group The Bank
2009 2008 2009 2008

Note N’million N’million N’million N’million
Major balance sheet items

Total assets and contingencies 2,706,292 2,073,193 1,982,395 1,363,700
Total assets 2,009,914 1,528,234 1,667,422 1,165,461
Loans and advances 740,397 466,096 684,107 437,768
Deposits 1,194,456 700,182 1,071,836 661,624
Share capital 12,432 9,945 12,432 9,945
Shareholders’ funds 337,405 351,854 351,054 339,847
Major profit and loss account items

Gross earnings 218,287 155,725 185,189 130,600
Charge for doubtful accounts (19,439) (6,028) (13,959) (5,819)
Profit before exceptional item and taxation 53,799 47,906 46,110 38,020
Exceptional item (26,113) - - -
Profit after exceptional item before taxation 27,686 47,906 46,110 38,020
Information technology development levy (526) (480) (461) (380)
Taxation (14,591) (10,747) (10,575) (7,167)
Profit after taxation 12,569 36,679 35,074 30,473
Dividend
Declared - 23,868 - 23,868
Information per 50k ordinary share N N N N
Earnings (basic)
Basic 0.51 2.67 1.41 2.23
Adjusted 0.51 1.84 1.41 1.53
Net assets 13.57 17.88 14.12 17.09
Total assets
– actual 80.84 76.80 67.06 58.60
– adjusted 191.84 145.87 67.06 111.24
Stock Exchange quotation at March 31 - - 15.80 47.24
Ratios % % % %
Cost to income 66.79 63.69 67.43 64.48
Return on assets 2.68 3.13 2.77 3.26
Return on shareholders’ funds 3.73 10.42 9.99 8.97
Capital adequacy 24.30 42.30 29.74 48.23
Number of branches/agencies and subsidiaries 536 469 510 453
Number of staff 8,557 8,856 8,203 8,495
Number of shares in issue (million) 24,864 19,890 24,864 19,890

4 Introduction
CHAIRMAN’S STATEMENT
“Our tradition of firm governance, financial

strength, conservative management and depth
of expertise equips us to help rebuild trust in our
industry and create a more stable financial sector.”
Alhaji (Dr.) Umaru Abdul Mutallab (CON)
Chairman
Strong Fellow Shareholders, Invited Guests, have built our business on very strong
foundations Gentlemen of the Press, Distinguished

Ladies and Gentlemen: I am pleased
foundations. Consequently, we are able to
report results which demonstrate our ability
We are able to report 2008/09 results to welcome you to the 40th Annual to withstand the storm. It is particularly
that demonstrate our ability to General Meeting ( ) of your Bank, First worthy to note, in an era when the health of
withstand the global economic and Bank of Nigeria Plc. the banking industry was in question, that
financial storm. our Bank’s market capitalisation for year
The financial year under review was
ended December 2008 fell by 52% relative
overcast by the global financial and
to a 72% decline in the average market
economic crisis, which was precipitated
capitalisation of the listed Tier 1 banks at
in August 2007 by the collapse of
the Nigerian Stock Exchange. We believe
the sub-prime lending market in the
this resilience is a testimony to the strength
United States. As the crisis deepened,
of our brand, public acknowledgement of
the key policy challenge was to ensure
our strong corporate governance practices
that demand did not slacken sharply.
and financial strength, as well as a robust
Accordingly, both fiscal and monetary
risk management framework that eventually
policies were loosened to accommodate
ensured that our exposure to the stock
unprecedented levels of liquidity
market remained at the lower end of the
support across economies.
industry average.
In Nigeria, interest rate volatility occurred,
During the period under review, we
amid growing concerns over counterparty
maintained our focus on expanding the one-
risks and the new reality of higher borrowing
stop financial services supermarket concept,
costs. The reduction in the country’s foreign
and our progressive internationalisation
currency earnings, brought on by a falling
strategy. New businesses have been
oil price, forced exchange rates downwards.
launched; FBN Microfinance Bank Limited,
The Nigerian stock market lost about three-
our wholly-owned subsidiary, commenced
quarters of its value by end-December 2008.
operations in the review period. We have
This decline was driven by deterioration
no doubt that by leveraging FirstBank’s
in the country’s near-to-medium term
unparalleled brand strength, and
investment proposition and concerns over
geographical reach, this subsidiary will play
unrealistically high valuations in practically
a key role in mainstreaming a substantial
all sectors. Regulatory intervention in the
part of the shadow economy by providing
equities market only served to dent investor
better access to financial services.
confidence further, especially among
institutional investors, as the measures Furthermore, our UK-based subsidiary,
failed to address the fundamental issues. FBN Bank (UK) Limited, opened its first
branch outside the UK in Paris, France,
We at FirstBank have not been immune
giving FirstBank a business passport in the
to the effects of the larger crisis, but we

5
Milestones 14
Board of Directors 16
Awards 22
Eurozone. Not only does this offer the Group certain weaknesses in our business
the opportunity to capture trade flows from
our francophone neighbours in West Africa,
model, we have reviewed our portfolio of
investments comprehensively, and have
40% revenue
it is also indicative of our ability to meet the
rigorous governance requirements needed
also taken steps to strengthen Group-wide
oversight in risk management, internal
growth
to operate in such jurisdictions. control, compliance and treasury functions. In turbulent global economic conditions,
we grew revenue by 40% and total assets
We also pursued a channel-deepening Our robust balance sheet and liquidity means by 31.5%.
strategy in the review period, which that we have continued to lend. Importantly,
leveraged our considerable domestic it also gives us options with respect to
footprint to build alternative distribution opportunities which we believe will present
channels. We thus recorded strong levels themselves to those of us in the market with
of growth in our brick-and-mortar branch superior financial strength. This includes
presence, with 70 new branches opened organic growth – to expand our services in
during the period under review bringing the market, while our competitors’ growth
total branch network to 536, and in may be constrained by insufficient capital.
our electronic banking service offerings, There may also be opportunities to grow
demonstrated by about 1,000 ATM points through targeted acquisitions by taking
throughout the nation at the end of the advantage of attractive valuations where
financial year. such opportunities align with our strategy
and the risks are understood.
Most recently, our strong governance
practices and depth of human capital Our medium-term corporate transformation
were attested to in the appointment of agenda is to become first in the industry,
Mr. Sanusi, Lamido Sanusi, erstwhile Group in terms of our financial strength, service
Managing Director and Chief Executive excellence, desirability as an employer and
Officer of the Bank, as the new Governor contributions to national development. This
of the Central Bank of Nigeria (CBN). goal will be anchored on three pillars as
We are extremely proud of Mr. Sanusi’s stated below:
achievements, and are equally conscious
• Growth – to attain full benefits of
of the unique distinction this places on the
scale and scope by accelerating growth
Bank – being the only financial services
and diversification of assets, revenue
institution to have had two of our Managing
and profit;
Directors appointed to lead the apex bank
in Nigeria. • Service and operational excellence
– to drive unparalleled service levels
Notwithstanding the unprecedented
by developing world-class institutional
turbulent conditions created by the global
processes, systems and capabilities;
economic meltdown during the review
period, the Group achieved revenue growth • Performance management and
of 40% and total asset growth of 31.5%. people – to deliver unmatched results by
However, profitability declined 65.7%; creating a performance culture with clear
driven by an exceptional charge of N26.1 individual accountability at all levels.
billion, representing a fall in the value of Black Diamond, a residential apartment
In all our core businesses, we have put building under construction in Victoria
quoted investments attributable to sharp
strategies in place that seek both to Island, Lagos owned by Atrib Group,
price declines on the equity market. This
address near-term challenges and to seize financed by FirstBank
provision is in respect of the diminution in
opportunities to strengthen our platform
investments held by First Trustees Nigeria Located at 20/24 Ozumba Mbadiwe Street,
for the future. In fact, in the first quarter Victoria Island, Lagos, Black Diamond is a 264
Limited, on behalf of various clients as well
of the current financial year, we made unit apartment building under construction,
as its proprietary trading portfolio.
substantial progress in implementing these owned by Atrib Group and solely financed
We have taken the proactive step to declare strategies. We obtained approval to open a by FirstBank. The facility will provide upscale
this exceptional charge, as further evidence representative office in Beijing, China. We residential accommodation.
of our commitment to maintaining best are committed to continuing to deepen
practice, as well as transparency in our our client relationships and staying alert to
operations. As a result of this significant opportunities as they arise.
provision, which, no doubt, has exposed

6 Introduction
CHAIRMAN’S STATEMENT
FirstBank’s longstanding tradition of financial Board Changes Retirement by Rotation

strength, long-term customer relationships In accordance with the Company’s Articles
Appointments and Retirements
and conservative management are as of Association, the following directors,
The Board witnessed a succession of changes
important today as ever. Governments need Alhaji (Dr.) U. A. Mutallab, CON; Lt.-Gen.
in the review period, which highlights the
to work with the banking industry to tackle Garba Duba (rtd.); Alhaji Aliyu Alkali, mni;
talent of the Group. At the top, after almost
the root causes of the crisis plaguing the and Mr. Oye Hassan-Odukale, MFR will
seven meritorious years in that position,
sector, and the larger economy in general, retire and being eligible, offer themselves
Mr. Jacobs M. Ajekigbe (OFR) retired as
while maintaining open markets. We must for re-election; while Mrs. Remi Odunlami,
Managing Director and Chief Executive
also urgently improve governance and Mr. Bisi Onasanya and Dr. Yerima Ngama
Officer of the Bank on December 31, 2008.
regulation to create a more stable financial be and are hereby elected as Directors of
Mr. Sanusi, Lamido Sanusi then assumed
framework. We support intergovernmental the Company.
office as Group Managing Director and
efforts to enhance the coordination of
Chief Executive Officer until his appointmentAppreciation
regulatory oversight, since we believe that
as CBN Governor on June 5, 2009. We owe a debt of gratitude to all
this is essential to the stable development
Consequently, the Board has approved shareholders, the Board of Directors,
of capital markets for the common good.
the appointment of Mr. Stephen Olabisi Management and Staff for guiding the
We also intend to play our part in regaining
Onasanya as Group Managing Director and Group aright during the most difficult part
public trust in our industry. This means we
Chief Executive Officer. of this economy’s response to the global
must be willing to take part in, and shape,
crisis, and for aggressively re-positioning
the debate on how our industry should Mr. Onasanya, along with Dr. Yerima
the Group to meet the challenges during
evolve in the coming years, based on the Ngama, had earlier been appointed
the next phase of our growth.
lessons of this financial crisis. Executive Directors on January 1, 2009,
following the vacancies created by the This was an extraordinary year and it
The near-term outlook for the global
resignation of Messrs. Ajekigbe and John O. made extraordinary demands on many of
economy remains difficult as significant
Aboh (December 31, 2008) from the Board our people. Our industry has rightly been
economic slowdown is still evident in
of Directors. On the other hand, Mrs. Remi under considerable public scrutiny and
both mature and emerging markets,
Odunlami was appointed Executive Director banks have been indiscriminately bunched
and continues to affect industrial activity
on March 16, 2009 to fill the vacancy together. It is through our staff that
and employment generation, while the
created by the elevation of Mr. Sanusi to FirstBank’s distinctive character stands out
credit environment will likely continue to
the office of Group Managing Director and for our customers and it is they who ensure
deteriorate. All our clients are likely to be
Chief Executive Officer. that not all banks are the same. I am also
affected by these conditions, although to
particularly grateful to our shareholders for
varying degrees. We do not underestimate On behalf of my fellow shareholders,
their faith and continued support. Based on
the challenges of the external environment colleagues on the Board and the entire
our combined effort, I have no doubt that
but we believe our businesses are resilient staff of FirstBank, I want to thank Messrs.
we can successfully execute the goals we
and we are pursuing our strategy with Ajekigbe, Lamido and Aboh for the depth
have set for ourselves.
strength and confidence. and diversity of the perspectives they
brought to bear on the administration of the Distinguished shareholders, gentlemen of
On a more positive note, world equity
country’s most iconic, indigenous business the press, ladies and gentlemen, I thank you
markets, and other important financial
operation. Their contributions to the Bank’s most sincerely for your attention.
markets, have recently shown signs of
strategic direction and initiatives had
recovery and the governments of the
helped the Bank to thrive in an increasingly
world’s most important nations have
competitive business landscape. After their
reaffirmed their determination to address
achievements at the Bank, we are assured
the challenges facing the world economy.
of their continued success as they apply
In the coming year, prudence and vigilance their prodigious talents in new ventures.
will be essential and FirstBank’s strength
and experience offers a platform to turn
this turbulent season into opportunity. Alhaji (Dr.) Umaru Abdul Mutallab (CON)
Chairman

7
GROUP MANAGING Milestones
Board of Directors
14
16
DIRECTOR/CHIEF EXECUTIVE Awards 22
OFFICER’S REVIEW
“It is to this rich tradition of achievement that I

succeeded when I became the Group Managing
Director in 2009. We owe this tradition to the vision
of previous leadership and Boards, and the invaluable
contribution of our staff – who remain the fulcrum
of our operations.”
Stephen Olabisi Onasanya
Group Managing Director/Chief Executive Officer
Consistent Distinguished Shareholders, Ladies Our business covers the whole value
growth and Gentlemen, in keeping with our

practice over the years, I am pleased
chain in financial services. Specifically, the
Group is organised into the following lines
Our balance sheet demonstrates strong once again to welcome you, on behalf of business:
total assets growth, with our loan of the Board of Directors, to the 40th
•R etail and Corporate Banking
portfolio and deposit base recording Annual General Meeting of our Bank,
which offers a comprehensive range
significant increases. At the same and to present the financial statements
time, capital adequacy exceeded both
of retail, personal, commercial and
for the year ended March 31, 2009.
the regulatory requirement and our corporate banking services and
own target. The review period was one in which our products to individuals, small business
Bank notched up several milestones. By the customers, corporate, medium and large
end of last year, on December 31 2008, business customers
our Bank passed through one of these
• Investment and Capital Market
milestones, when, after almost seven years
Operations which provides investment
in office, Mr. Jacobs Moyo Ajekigbe retired
and capital market services to both
as Managing Director/Chief Executive
individual and institutional investors. It
Officer of First Bank of Nigeria Plc. There
also provides registrar services to both
is no gainsaying the fact that his tenure
listed and private companies
was one of the most dynamic periods in
the history of our Bank in particular, and • A sset Management and Trusteeship
Nigeria’s financial services industry, in which provides asset management and
general. On assuming office on January 1, advisory services to individuals and
2009, Mr. Sanusi, Lamido Sanusi went on financial institutions
to craft and implement a transformation
•M ortgage Banking which offers
agenda premised on growth, operational
mortgage and home ownership
excellence and performance management,
banking services
before proceeding to become the Governor
of the Central Bank of Nigeria. • Insurance Brokerage which provides
broking services in energy/special risks,
It is to this rich tradition of achievement that
aviation and domestic insurance
I succeeded as Group Managing Director
and Chief Executive. •M icrofinance which provides financial
services to the poor, low income earners,
artisans and small businesses
•P
rivate Equity and Venture Capital
focused on providing risk capital to small
and medium scale enterprises.

8 Introduction
GROUP MANAGING
DIRECTOR/CHIEF EXECUTIVE
OFFICER’S REVIEW
Overview of Financial Results were oil & gas (20%), manufacturing (17%),
BANK Composition of Loans
consumer goods (12%), retail services (12%)
and Advances IN 2009 Highlights of the 2009 results include
and real estate (10%).
16% strong organic revenue growth despite the
N113m difficult operating conditions, characterised Healthy Deposit Base
by high levels of volatility, declining The market responded in predictable
asset prices and reduced liquidity. Gross fashion to the increase in general financial
50% earnings for the Group grew 40% from and economic uncertainty over the past 12
N355m N155.7 billion in 2008 to N218.3 billion months, with depositors seeking out safe
in 2009. This compares to 41.8% growth havens for their funds. Also due to market
34%
N249m
in gross earnings achieved by the Bank perception of the FirstBank as one of the
over the same period to N185.2 billion strongest and most dependable banks in
Corporate Retail Consumer (2008: N130.6 billion). All except one line Nigeria, the Group enjoys a relatively low
of business were profitable in 2009, with cost deposit base by attracting small savers
GROUP Composition subsidiaries contributing 15.2% to the whose principal consideration is the safety
of Deposit liabilities Group’s gross earnings (2008: 16.1%). of their funds. Reflecting this, total Group
120 deposit liabilities rose by 70.6% to N1.2
%
The Group’s total balance sheet plus
100 100 trillion (2008: N700.2 billion).
47.08 46.22 contingent liabilities increased by 30.5%
2008 Total
80 N700.2 billion
from N2.1 trillion80 in the 2007/2008 Liquidity Analysis
financial year to N2.7 trillion in 2009. The global financial crisis and margin-
60 2009 Total During the review60period, the Group’s lending related exposures by the banking
20.98 27.68 N1.19 trillion
40
shareholders’ funds40 declined by 4.1% industry continued to have adverse effects
25.45
to close at N337.4 billion compared to on the liquidity and funding risk profile
20 20.25
N351.9 billion in the 20 previous year. The of the banking industry. The Bank’s focus
6.49 5.84
Bank’s total balance sheet plus contingent will continue to be on liability generation,
0
2008 2009 liabilities increased by 45.4% from N1.4 which will be a necessary pre-condition for
Current account Savings account trillion in 2008 financial year to N2 trillion significant asset growth. Further information
Time Domiciliary in 2009. In the same vein, the Bank’s on the Group’s liquidity management is
shareholders’ funds grew by 3.3% to close contained in the Risk Management section
at N351 billion compared to N339.8 billion on page 62.
in the previous year. Capital Adequacy
Balance Sheet Analysis The Group’s capital adequacy ratio (CAR)
was 24.3% (2008: 42.3%), significantly
Strong Total Assets Growth higher than the regulatory requirement of
Total assets for the Group rose to N2.0 10%, and our internal target of 16%. The
trillion, 31.5% over the N1.5 trillion Bank recorded CAR of 29.7% relative to
recorded in 2008, supported by significant 48.2% in 2008. Our solid capital position,
growth in loans and advances (LAD). stable funding and liquidity base provide
key support in challenging times.
Loans and Advances
The Group’s gross LAD figure for end-March Income Statement Analysis
2009 stood at N775.7 billion, representing
Gross Earnings
an increase of 59.6% over the N486.1 billion
Gross earnings for the Group rose by
recorded in the same period in 2008. Net
loans for the Group rose 57.9% to N752.2 40.2% from N155.7 billion in 2008
billion from N476.4 billion in 2008. The to N218.2 billion in 2009. Interest
Bank’s gross loans rose 56.8% to N717.2 earnings which rose by 55.8% over the
billion from N457.5 billion in 2008. The N100.7 billion recorded in 2008 was the
Bank’s net loans rose 55.3% to N695.9 most significant growth item, accounting for
billion from N448.1 billion in 2008. Along 71.9% (2008: 64.7%) of the total, fees and
business lines, corporates were responsible commission made up of commission and
for 50% (2008: 67%), whilst consumer and charges, financial advisory as well as custody
retail accounted for 15% (2008: 13%) and fees, contributed 15.5% (2008: 18.2%),
35% (2008: 20%) respectively of the Bank’s income from trading (predominantly fixed
loan book. The major sectors accounting for income securities) contributed 8% (2008:
this impressive growth in the loan portfolio 11.8%) whilst other income contributed
9
Milestones 14
Awards 22
4.6% (2008: 5.3%). Though the rise in • Safety of funds became an overriding
GROUP Capital Adequacy RATIO
contribution of interest earnings to gross concern as the operating environment
%
earnings reflects to a large extent the rapid got tougher for banks in the wake of 50
credit growth, it also captures the general the global financial crisis. Thus, we took 42.30%
deterioration in economic and capital market a decision to hold much higher balances 40
activities. For the Group, interest from loans with the CBN – albeit at low yields.
30
and advances contributed 71.9% to total 24.30%
The Bank has traditionally sought to
interest earnings, whilst other Bank sources
attract lower-cost demand and savings 20
such as placement with local banks, interest
deposits in order to keep its funding cost 10
on deposit with banks outside Nigeria,
as low as possible and has attempted
Treasury bills and commission on managed
to minimise its reliance on higher cost 2008 2009
funds accounted for the balance.
time deposits as a significant source of Regulatory requirement
Net Interest Income funding. In the last financial year, reflecting
In 2009, net interest income for the Group keen competition for deposits within the GROUP BREAKDOWN OF Gross Earnings
rose 47.6% while the net interest margin1 industry, time deposits, representing 27.7% %
narrowed over the same period. Strong of total deposit liabilities, were responsible 100 64.67 71.89
year-on-year growth in net interest income for 46.6% of interest expense – 2008 Total
80 N155.72 billion
was recorded across all business lines, with underscoring the aforementioned higher
Retail and Corporate Banking interest cost of funding. 60 2009 Total
N218.20 billion
income, at N90.2 billion (2008: N61.7
Non-Interest Income 40
billion), up 46.3%, representing 88.5% of
Non-interest income, composed of fees and 18.23
total net interest income for the Group. 20 15.54
commission income, income on traded 11.82
Growth in Retail and Corporate banking 5.29 8.02 4.55
securities, predominantly fixed income, as
captured significant expansion of the loan 2008 2009
well as other income, grew a modest 11.5%
book in the period under review. Investment
and contributed 28.1% to total gross Interest Income on
and Capital Markets, Asset Management earnings trading securities
earnings in 2009 (2008: 35.3%). This
and Mortgage Banking recorded 43.2%, Fees and commissions Other income
performance largely reflects the generally
208.8% and 73.3% growth respectively
slower pace of activity in the economy. Fees
over the previous year. This represents
and commissions grew by 19.5% in the
7.7%, 2% and 0.8% respectively of Group
review period while net income on securities
net interest income.
traded, after providing for diminution
The decline in the Group’s net interest margin in value of equity investment, declined
was driven predominantly by the 73.9% by 19.3%.
rise in interest expense in 2009, to N54.9
Income on traded securities amounted to
billion (2008: N31.6 billion) compared to
N17.5 billion as at March 2009 (2008: N18.4
the 55.8% rise in interest income. The rise
billion). 92.7% of this was derived from
in interest expense over the period under
interest on federal and state government
review reflects the following:
bonds while the balance of N1.3 billion was
• T he impressive 70.6% growth in the gained through disposal of shares (2008:
volume of deposits N1.9 billion).
• Heightened competition for share of Other income, responsible for 4.6% of
customers’ wallets particularly in the gross earnings, was 20.6% higher, driven by
fourth quarter of 2008, which led to a strong growth in foreign exchange income
significant hike in deposit rates across the (209.8%), lease income (73.5%), as well
industry, especially for term deposits as recovery of N2 billion in loans previously
written off.
• Expectation of the implementation of the
common year end policy Risk Provisions Increased
A more challenging operating environment,
• Heightened counterparty risk which led
typified by slower economic growth, higher
to increased inter-bank funding costs as
interest rates and rising inflation, coupled
banks became reluctant to lend to each
with the strong credit growth, led to a rise
other in the wake of the global and
in delinquency rates, which pushed our 1 This does not include fees charged on loans and
domestic liquidity squeeze
non-performing loan ratio for the Group advances due to local reporting standards.

10 Introduction
GROUP MANAGING
OFFICER’S REVIEW
to 4.7% (2008: 1.5%). Risk provisions, securities suffered a diminution in value as a

N1.2 trillion which include write downs of and value
adjustments to claims and certain securities,
result of the situation in the Nigerian capital
markets. The company has therefore made
The volume of deposits grew by an as well as additions for possible loan losses, provision for this diminution in the value
impressive 70.6% in difficult market rose a significant 143.4% year on year, to of its investments in quoted securities held
conditions.
N23.4 billion, compared to N9.6 billion in on behalf of clients under a guaranteed
March 2008. principal fund arrangement totalling
N21.5 billion and N4.6 billion on account
The decline in asset quality is as a result
of proprietary investments. Though the
of the deterioration in margin trading
transaction described by this exceptional
facilities, loans secured by quoted shares
item has not fallen due, the Group remains
and a generally weaker credit environment.
committed to its conservative provisioning
Exposure secured by shares (quoted and
policy and full disclosure.
unquoted) stood at N58 billion, representing
7.8% of total loan portfolio (TLP). However, Reduced Profit Figures
exposure against quoted shares was The Bank achieved profit before tax of
N42 billion and accounted for 5.7% of TLP. N46.1 billion, up 21.3% from N38 billion
These positions are within the approved recorded in 2008, while Group profit before
portfolio limit of 10%. Non-performing tax came in at N53.8 billion, up 12.3% from
accounts have been recognised, classified N47.9 billion in 2008 and much lower than
and provisions made as appropriate in line the 85.3% growth in 2008. Overall, whilst
with prudential guidelines. We believe we the Bank recorded profit after tax growth of
are well equipped to meet future challenges 15.1% to N35.1 billion, the Group’s profit
in our lending portfolio because of the after tax declined 65.7% to N12.6 billion
high quality of our credit portfolio and our from N36.7 billion in 2008.
proactive risk management approach.
In this difficult environment the Group
Operating Expenses achieved a return on equity of 3.7%
The Group’s cost-to-income ratio rose to (2008: 10.4%). This reflects on one hand
66.8% (2008: 63.7%). This was driven significantly reduced profits, but also dilutive
by a 30% rise in operating expenses from effect from N250 billion in new capital raised
N68 billion in 2008 to N88.4 billion in 2009. in 2007. Basic earnings per share declined
Staff costs remained the major component, 81.1% to N0.5 per share (2008: N2.7) and
at 51.8%, with year on year growth of 37%, net asset value per share declined 24.1% to
reflecting a change in the mix of head count N13.6 (2008: N17.9). The Bank achieved a
in selected client facing and other strategic return on equity of 10% (2008: 9%), basic
areas across the Group, as well as sustained earnings per share declined 36.7% to N1.4
pressure on wage costs as the competition per share (2008: N2.2) and net asset value
for skill remained keen. Administrative and
per share declined 17.4% to N14.1 (2008:
general expenses rose 29%, and constituted
N17.1).
Barbedos Ventures Limited taking
36.8% of overall costs, reflecting a higher
delivery of fertiliser import financed inflation environment. Appropriations
by FirstBank Consonant with legal/statutory provisions,
Exceptional Item
N5.4 billion was transferred to the statutory
Barbedos Ventures Limited was granted a The Group’s asset management business
reserve, while N1.8 billion equivalent to 5%
facility to import fertiliser from the Ukraine was exposed to unprecedented levels of
of profit after tax was set aside for the small
and to take care of the local logistics of volatility, the breakdown of correlations,
clearing, bagging and haulage of the fertiliser and medium scale industries reserve. The
and the shift of relationships between asset
from warehouses in Lagos to the various off- classes, in extremely illiquid markets. An balance of N5.5 billion is transferred to the
takers. The transaction will have a positive inability to unwind certain positions due general reserve. In addition, N33.6 billion is
impact on the quest for sustained agricultural
to limited amount of liquidity available in being proposed as dividend to shareholders.
development and national food security. This represents dividend payout of N1.35k
the market had significant impact on our
operations over the past financial year. First for every 50 kobo share held.
Trustees, in the ordinary course of business, In keeping with our traditional commitment
manages funds on behalf of various clients. to regularly return value to our esteemed
During the year its investments in quoted shareholders, we are proposing a bonus issue
of 1 for every 6 ordinary shares held.
11
Milestones 14
Awards 22
Business Segment Review Private Partners (PPP) road concession Some of the challenges in its operating
project in the country: the LCC Lekki-Epe environment during the year under
FBN Bank (UK)
Express Way project. This is a landmark deal review include the melt-down of the local
Because of its position at the heart of the
which won the Euromoney Project Finance capital market and portfolio misalignment
global financial industry in London, this
Magazine African PPP Deal of the Year following the withdrawal of pension funds
subsidiary was the most exposed to the
award. Renewed government focus on from the company. To counter this, over the
vagaries of the global financial and economic
infrastructure provides opportunities for medium term, the company intends to be
downturn. Although both interest and
more activities in the power, transportation, innovative in product development, expand
other income came under intense pressure,
oil & gas and housing sectors in the its sales force, leverage the FirstBank branch
a satisfactory result was achieved. The
coming years. network as a delivery channel for all its
following were key pressure points during
products and deliberately reduce costs by
the year: difficulty in sourcing good quality Advisory services include merger &
streamlining operations.
and well priced assets to replace maturities acquisition, corporate financial advisory
(leading to an increase in money market and privatisation mandates. Particularly FBN Mortgages
placements as an alternative), falling yields noteworthy are the mandates for financial FBN Mortgages was able to grow its
on free balances and a general downturn in restructuring awarded to us by UACN profits mainly from property trading and
global trade businesses. Property Development Company, the development in the period under review.
Cross River State Government for financial The company also continued to implement
Going forward, it will be necessary to
advisory on the Calabar Energy City project IT and HR initiatives necessary to maintain its
address the decline in the growth of net
and the Katsina State Government for competitive edge.
interest income through focusing on new
advisory on the implementation of a state-
quality assets, the launch of debit cards Growth in the medium term will, however,
wide microfinance scheme.
to assist in building an attractive customer depend on a clear focus on serving the
proposition, to include the provision of Investment Management business middle market, where demand appears to
investment advice, and progressing the encompasses assets, portfolio management, remain firm in the face of current economic
development of a quasi ‘Private Bank’ managed funds (including the mutual fund) challenges. With domestic demand forecast
service – all of which will help us retain and and wealth management. to fall further, our efforts at market retention
further strengthen our position as the clear will be reinforced by exploring partnerships
The stockbroking business and activities are
market leader in London. A key deliverable and joint ventures with landowners in viable
carried out under FBN Securities Limited and
in this respect is the increasing development locations and other reputable developers
also come under this division. The wealth
of our francophone business driven by our in order to leverage our resources and
management business is growing steadily
managers in the Paris branch. also share risks. Just as important for us is
both in terms of the number of clients and
the need to focus on completing ongoing
FBN Capital the volume of funds under management.
projects on time, on schedule and on
FBN Capital’s financial services and
First Trustees specification in order to sustain our current
offerings are organised along two business
First Trustees’ key goal includes maintaining growth momentum.
divisions; namely Investment Banking and
its leadership position in the trustee
Investment Management.
business. This will be measured by the
Investment Banking business comprises company’s ability to keep existing mandates
Capital Markets (Equity & Debt), Structured and also win new trust mandates in the
& Project Finance, Financial Advisory and Corporate and Public Sectors. It also
Private Equity. plans to significantly grow its Private trust
business by developing products that will
FBN Capital’s demonstrated expertise in
attract subscription from a large number of
structuring and arranging complex finance
private individuals in Nigeria and the West
has paved the way for the successful
African sub-region.
financial close of the first major Public-

12 Introduction
GROUP MANAGING
OFFICER’S REVIEW
First Pension Custodian First Registrars First Funds in the coming years will focus
First Pension Custodian continues to put in In the review period, the Group’s registrarship on providing risk-capital to medium-sized
place operational and managerial processes business had to contend with the adverse companies in high growth sectors with large
that allow the company to deliver value in a consequences of the global financial and addressable markets. With a minimum
way that successfully repeats and increases economic crisis, especially the second-round investment of N250 million for a significant
in scale. Thus, value is created for our effect of this on the capital market. minority stake, First Funds’ mandate is
customers. Accordingly, in addition to the increased to build businesses that have capacity to
cost of doing business domestically, the be household names and future leaders
In the review period, First Pension Custodian
performance of First Registrars was of tomorrow.
grew its profit by 68% over the previous
constrained by the operating environment.
year, despite adverse effect of the global While transiting into the new strategic focus,
financial crisis on the Nigerian Capital Market, The difficult operating environment FF would continue to ensure the SMIEIS
whereas assets under custody grew by 28%. notwithstanding, First Registrars successfully portfolio is managed actively for value
The result for the year reflected the effect of handled a cross-border public offer during enhancement and for early detection of
the marginal growth and the remix in the the reporting period. The processing of the problems or deterioration in the portfolio –
asset under custody, with the percentage of offer, which was done in Ghana, reflects with the aim of ensuring profitable exits in
the Retirement Savings Account Scheme the markets’ implicit confidence in this line with agreed timelines.
(RSA) assets (with enhanced fee rate), subsidiary’s technical competence. Persuaded
FBN Insurance Brokers
increasing against the Closed Pension Fund of the innate profitability of the domestic
In the period under review, FBN Insurance
Administrators (CPFA) and the Defined economy, and ready to take advantage of
Brokers continued to grow even as
Benefits Scheme (DB) assets. this when the pall cast by the global crisis
corporate spending on insurance products
lifts, we opened five additional liaison
Reflecting the stability of the brand upon was slowing in line with the global economic
offices during the year thereby establishing
which the company rides, First Pension situation. Also noteworthy is the fact that
a presence in the six geopolitical regions of
Custodian remains well positioned, respected income generated from customer credit
the country.
by operators in the industry, regulators and facilities grew 25% despite a contraction in
fund sponsors. To retain the market’s trust, Given the medium-term outlook for the consumer credits.
First Pension Custodian must continue to domestic economy, continued moderation
Insurance penetration remains low in the
see service delivery as a major challenge. of aggregate domestic output is expected to
country, but is expected to rise gradually,
pose challenges to First Registrars revenue
Given the relatively young age of the pension reflecting renewed interest in this sector
and profit growth. However, we expect that
industry, the company is constantly striving from Government and investors. As
further attention to keeping costs down and
to develop solutions that suit the complexities insurance brokers, competition remains
an aggressive marketing approach should
of the evolving major sector of the financial keen as insurance companies increase their
help maintain traction in the market.
industry, especially in the area of contributions investment in direct marketing activities,
collection and payment systems. Payment First Funds gradually limiting the role of the middleman.
systems are most especially required to ease Over the past year, it became obvious that We believe, however, that large insurance
payment of pensioners’ benefits and stay for First Funds (FF) to attain a leadership buyers will continue to need the services
on top of the sensitivity of the pensioners. position in the private equity/venture capital of professional insurance brokers like FBN
Compliance remains another focus area, to industry, there is a need to discontinue Insurance Brokers.
which serious attention has been directed. investments in small businesses and focus
To further consolidate its leading role in this
The pension industry is presently, and on medium enterprises where we believe
insurance sub-sector, FBN Insurance Brokers
probably the most regulated, coupled with we have the capacity to build a sustainable
is opening new regional offices to increase
the Group’s compliance requirement. The business model. This strategic redirection is
its reach and access to new markets. The
company, given the assessment of the also a fallout of the discontinuation of the
planned regional offices will provide easy
direction the pension industry is heading, is Small & Medium Industries Equity Investment
access to our clients in those locations and
constantly re-inventing its integrated solution Scheme (SMIEIS). The performance of our
stimulate further demand for our services.
to cope with expected volumes and levels of SMIEIS portfolio reflects the difficulties in
We are also designing new cost-effective
market sophistication, both for transaction investing in small companies with the risk-
products that we believe will be attractive to
processes and compliance monitoring. reward profile attendant to that segment
both corporate and retail insurance buyers
of the market. Appropriate provisions have
to increase our revenue in the future.
been made for investments considered
doubtful or lost. Overall, we anticipate further growth of the
company in the coming year as we continue
to leverage the Group’s brand – reliable,
strong and stable – essential ingredients for
growth in the insurance industry.
13
Milestones 14
Awards 22
FBN Bureau de Change (BDC) Conclusion At the strategic level, we have chosen three
The major challenges faced by our BDC themes, which we believe are integral to
The industry’s outlook over the next three
operations in the review period were to our objectives, as the foundation of all that
years will be dominated by the extent to
do with fundamental revisions to the we shall be doing over the medium-term.
which domestic demand contracts under
regulatory environment, and the additional In terms of our growth aspirations, our
pressure from an increasingly difficult
burden of documentation which attended commitment is to attain the full benefits of
external financing condition. Arguably, we
these changes. We did eventually obtain scale and scope by accelerating growth and
expect significant levels of de-leveraging
the CBN’s authorisation to operate a “Class diversification of assets, revenue and profit.
in response both to higher levels of
A” BDC; and have since accessed the CBN’s This process will be driven by a single-minded
loss recognition, and to new, higher
window weekly, earning commissions on commitment to operational excellence.
capital adequacy levels, as the regulatory
our transactions. Essentially, this second pillar of our strategy is
environment tightens in favour of tougher
about the design of appropriate institutional
In the near- to medium-term, our goal for disclosure requirements. However, major
processes, systems and capabilities necessary
this subsidiary is to develop more products upsides remain in an economy in which over
to deliver world-class service levels. The
along with alternative sources of funds, two-thirds of the population lack access to
third leg, as indicated earlier, concerns how
becoming in the process the dominant formal banking services, where less than
FirstBank can deliver unmatched results by
player in the “Class A” BDC category. 1% of the population uses a bank card, and
creating a performance culture with clear
where outstanding mortgages are less than
FBN Microfinance Bank individual accountability at all levels.
1% of GDP.
FBN Microfinance Bank, the newest
There is no doubt that the trajectory going
subsidiary of the Group, commenced We have accordingly defined these upside
forward is likely to encounter pockets
operations in January 2009. risks as the opportunity through which
of turbulence. Within this prognosis, our
FirstBank can truly regain its lead and
Leveraging the FirstBank brand, FBN challenge at FirstBank is to build positive
leapfrog competition to become the largest
Microfinance Bank is carving a very momentum around these three pillars. First
bank by a wide margin in Nigeria and the rest
strong niche for itself in terms of integrity, level feedback on our efforts thus far has
of ‘middle Africa’ (between North and South
liquidity, market acceptability, savings been positive, and we are in no doubt that
Africa). In part, our task is to demonstrate
mobilisation, access to loans and business this is the proper course.
that a Nigerian bank can consistently offer
advisory services.
world-class service in every location of Thank you.
Despite the challenging operating every geography we serve. As part of this
environment caused by the global economic process, we are currently embarked on a
crisis resulting in non-compliance by State comprehensive corporate transformation
Governments on the 1% statutory allocation roadmap designed to support the delivery
to the sector, lending limit of N500,000 of our overall strategic aspirations. Key
and suspicion arising from past experiences deliverables include the need to stabilise
with similar institutions, a huge opportunity core IT infrastructure and applications, with
Stephen Olabisi Onasanya
exists in the sector as a large number of the a view to aligning future IT investments
Group Managing Director/
disengaged workforce are involved in small to our business priorities and developing
Chief Executive Officer
to medium enterprises. This scenario, in a performance management system that
addition to the relatively large real sector, delivers a superior performance culture
has doubled the target to be served by the and drives our results. Three dimensions
microfinance sector. FBNMFB is determined to the latter are worth mentioning.
to capture 20% share of this market in the These are: instituting a robust world-class
next few years. performance management system that
will enable FirstBank to repeatedly deliver
Armed with a robust software, we have against its corporate objectives; developing
already set up six branches in Lagos and an ‘infectious’ performance culture that
expect to grow the business aggressively, celebrates and elevates team and individual
establishing one hundred branches in performance and that enables staff to realise
Nigeria in the next five years. Ultimately, our their highest human potential at work; and
goal is to become a microfinance services building FirstBank into a premium employer
provider of “first” choice to small and brand and a talent ‘magnet’ – attracting,
medium businesses in Nigeria. developing, advancing, and retaining the
best people in the industry.

14 Introduction
MILESTONES
1894 1947
Established by Sir Alfred Jones, pre-dating the birth of the Nigerian nation First long-term loan
advanced to the colonial
Acquired African Banking Corporation
government
1896–1960
Sole banker to the government of West African colonies 1957
Changed name
Opened offshore branches in Accra, Ghana
from Bank of
British West
1898 Africa to Bank
Opened offshore branch in Freetown, Sierra Leone of West Africa
1900
Opened second Nigerian branch in Calabar, Nigeria 1958
Provided
1911 10-year loan
Opened branches at Ibadan and Abeokuta to government
for expansion
of railway
1912
Acquired Anglo-African Bank established in 1899
Appointed by West African Currency Board as the
sole agent to distribute currency in West Africa
Opened first Northern Nigerian branch at Zaria
1914
Opened Kano branch
1890 1900 1910 1920 1930 1940 1950
Sir Alfred Lewis Jones, founding First Bank of British West Africa building at Lagos Rt. Hon. Sir John Major and colleagues
Chairman (1894–1909) Marina, the first branch of the Bank in West Africa at FirstBank
(demolished 1904)

15
Milestones 14
Awards 22
June 2009
Obtained approval to open a
representative office in Beijing, China
2008
1979 FBN UK opened office in Paris
Changed name to First Bank of Nigeria Ltd First quoted company to hit N1 trillion market capitalisation
2007
1971 N100 billion hybrid offer oversubscribed
by 753%, total amount raised N250 billion
Listed on the Nigerian Stock Exchange
2005
Acquired FBN (Merchant Bankers) Ltd
and MBC International Bank Plc
1969
Changed name to
Standard Bank of Nigeria
1992 2004
Established second New corporate identity
subsidiary, First Trustees,
asset management company Opened South African
representative office
1991 Most Active Stock (Market

Excellence) – Pearl Awards
Introduced ATM (First Cash) into
the Nigerian financial landscape
Changed name to First Bank
2003
The most admired
of Nigeria Plc institution in Nigeria
(Alder Consulting)
2002
Established a
wholly-owned UK
subsidiary: FBN
Bank (UK) Ltd
1960 1970 1980 1990 2000 2010
“I was happy to hear about the forthcoming

celebrations of FirstBank of Nigeria. I have fond
recollections of my banking days in Nigeria…
the brief time I spent in Nigeria remains one
of my happiest memories.” Goodwill message
(August 1993) from John Major, former British
Prime Minister and former FirstBank employee
Joseph Sanusi, Managing Director Sanusi, Lamido Sanusi, immediate past
(February 1992 to 1998), and Governor Group Managing Director (January to
of the Central Bank of Nigeria (1999 June 2009), and current Governor of
to 2004) the Central Bank of Nigeria (effective
June 4, 2009)

16 Introduction
BOARD OF DIRECTORS
Mutallab, Alhaji Umaru A., CON Onasanya, Stephen Olabisi

Chairman Group Managing Director/Chief Executive Officer
Dr. Mutallab is a Fellow of the Association of Chartered and Mr. Onasanya has over 23 years post-qualification experience
Certified Accountants (FCCA), Institute of the International Bankers
and until his appointment as Group Managing Director/Chief
Association (FIBA, USA), the Institute of Bankers and the Institute
Executive Officer, was Executive Director, Banking Operations and
of Chartered Accountants of Nigeria (FCA). Services. He joined FirstBank in 1994 as a Senior Manager and
was previously Deputy General Manager/Group Head, Finance &
A versatile professional and businessman, he was a Federal
Performance Management Department, Coordinator, Century 2
Minister of Economic Development & Reconstruction, Executive
Enterprise Transformation Project, as well as founding MD/CEO of
Chairman & Managing Director of United Bank for Africa (UBA)
First Pension Custodian Nigeria Limited, a subsidiary of FirstBank.
and Chairman of the National Electric Power Authority (NEPA).
He is Group Chairman of First Bank of Nigeria Plc, Chairman of A qualified Chartered Accountant since 1983, Mr. Onasanya is
the Vision 2020 Business Support Group, and Chairman, Spring a Fellow of the Institute of Chartered Accountants of Nigeria,
Waters Nigeria (SWAN) Limited, amongst others. an Associate Member of the Nigerian Institute of Taxation, and
honorary member of the Chartered Institute of Bankers of Nigeria.
He is also the Chairman of Kakawa Discount House Limited and a
Director of FBN Bank (UK) Limited.

17
Milestones 14
Awards 22
Adesola, Bola Lawanson, Kehinde Ngama, Yerima Lawan

Executive Director, Lagos Executive Director, West Executive Director, North
Mrs. Adesola holds a law degree from the Mr. Lawanson holds a BSc in Estate Dr. Ngama obtained his BSc in Accountancy
University of Buckingham, UK. She was Management from the University of Nigeria, from the University of Maiduguri. He
called to the Nigerian bar in 1985 and has Nsukka and an MBA in Finance from the attended the University of Glasgow, UK for
attended numerous executive development University of Lagos. A chartered surveyor, his MSc in Accountancy, and the University
courses in Nigeria and overseas. She is Lawanson’s experience spans over 19 years of Birmingham, UK for Master of Social
also an alumni of the Harvard Business in banking, with executive management Science and then a PhD in Money, Banking
School, having completed the Advanced positions in investment and commercial and Finance. There, he produced the Best
Management Programme. banking in several banks. He was formerly PhD thesis in the Faculty of Commerce
Executive Director, Lagos & West. and Social Sciences, which earned him the
She spent nine years at Citibank Nigeria
coveted Ashley Prize.
(NIB) and was part of the start-up team for Lawanson, a consummate professional,
Citibank Tanzania, where she served for two has attended various training programmes Dr. Ngama has served the federal
years as pioneer Treasurer. Before her current in top-rated business schools and prior to government on many banking reform
appointment she was Executive Director, joining the Board of FirstBank, was Deputy committees. He was Executive Director,
Corporate Banking. A seasoned banker, General Manager/Group Head, National Public Sector at Diamond Bank Plc before
Adesola was MD/CEO of Kakawa Discount Corporates in the then Corporate Banking joining FirstBank. He is a Director of FBN
House Limited. She is also a Director of FBN Directorate. He is a Director of First Registrars Mortgages Limited, First Funds Limited and
Capital Limited, First Trustees Limited and Nigeria Limited and FBN Capital Limited. FBN Microfinance Bank Limited.
Seawolf Limited.

18 Introduction
BOARD OF DIRECTORS
PLACEHOLDER
Odunlami, Remi A. Otti, Alex C. Oyelola, Oladele
Chief Risk Officer Executive Director, South Chief Financial Officer
Mrs. Odunlami holds a BSc in Mathematics Dr. Otti graduated from the University of Mr. Oyelola holds a BSc Accounting and
from the University of Warwick, Coventry, Port Harcourt with a First class honours an MSc specialising in Finance. He is an
England (1982) and is a Fellow of the degree in Economics in 1988. He was the alumnus of several world-class executive
Chartered Association of Certified best graduating student in the faculty of education business schools. Until his
Accountants (1995). Social Sciences and won the Dean’s Prize, as appointment as FirstBank’s CFO, he was the
well as the overall best graduating student Executive Director, North.
She was, until her appointment, Executive
for the year and the University valedictorian.
Director and Country Risk Manager at Oyelola had worked with Arthur Andersen
He subsequently received an MBA from
Citibank Nigeria Limited with responsibility before moving into banking, first with
University of Lagos in 1994.
for the Bank’s risk portfolio and process. International Merchant Bank (IMB) and
She had worked extensively in consulting Dr. Otti sits on the board of several companies Diamond Bank Plc and subsequently with
and banking, and was the first Sub-Sahara and establishments as follows: Director, FirstBank. He is a Fellow of the Institute of
African female and first Nigerian appointed Celtel Nigeria Limited (Zain); Director, First Chartered Accountants of Nigeria, member
to the level of Senior Credit Officer within Pension Custodian Nig. Limited; Director, of the Chartered Institute of Taxation and
Citigroup. She is a Director of FBN Capital Rainbow Town Development Limited; an honorary member of the Chartered
Limited and Seawolf Limited. Member, Governing Council of the Institute of Bankers of Nigeria. He is also the
University of Port Harcourt; Member, Board Chairman of FBN Microfinance Bank Limited,
of Trustees, Babcock University; Chairman, a Director of FBN Mortgages Limited, First
Economics & Statistics Committee of the Pension Custodian Nigeria Limited and FBN
Lagos Chamber of Commerce & Industry; Bureau de Change Limited.
Member, Board of Trustees, Chike Okoli
Foundation. He is also a recipient of
the prestigious Ugwu Aro Award of
Arochukwu Kingdom.

19
Milestones 14
Awards 22
USE PREVIOUS PIC
Afonja, Prince Ajibola A. Ajumogobia, Ibiai

Non-Executive Director Non-Executive Director
Prince Ajibola Afonja is a Fellow of the Ms. Ibiai Ajumogobia is a Human Resources
Chartered and Certified Accountants Management and Training Consultant with
(FCCA). He worked in various capacities such over 18 years of core HR experience. With
as Audit Trainee with Akintola Williams & a background in Law and Interior Design,
Co (Jan–Aug 1966) and with John Mowlem she began her career in the Rivers State
& Co Limited, the 5th largest Construction Ministry of Justice. She also worked with the
Group in Europe (1971–74). He was Director/ Federal Ministry of Justice, Shell Petroleum
General Manager, International Glass Fibre Development Company of Nigeria Limited
Industries Limited, Ibadan (1974–79), and and Citibank Nigeria.
Chairman/CEO, Integrated Dimensional
In 2004, she incorporated The Daisy
System Limited, Oyo.
Management Centre Limited, Lagos (a
Prince Afonja’s federal government human capital development firm). Ms.
appointments include: Secretary of Labour Ajumogobia recently joined the Team-
& Productivity, Interim National Govt Building Network in the UK, certified
(Aug–Nov, 1993) and member, Judicial to use the Margerison-McCann Team
Commission of Inquiry on Nitel & Mtel. Management Profile. She is also a
Member of the Chartered Institute of
Personnel Development (CIPD) and recently
completed the Management Development
Accreditation Programme with the Centre
for Management Development (CMD)
in Lagos.

20 Introduction
BOARD OF DIRECTORS
Alkali, Alhaji Aliyu Adamu, mni Duba, Garba, Lt.-Gen. (rtd.) Otudeko, Ayoola Oba, OFR
Non-Executive Director Non-Executive Director Non-Executive Director
Alhaji Alkali holds an MBA from Bayero Lt.-Gen. Duba joined the Nigerian Army Mr. Otudeko is a Fellow of the Chartered
University, Kano, a Postgraduate Diploma in 1962 and held various strategic Institute of Bankers, United Kingdom,
in Public Administration from the positions including Aide-de-Camp (ADC) the Institute of Chartered & Corporate
Administrative Staff College of Nigeria to Military Governor, Northern Region; Accountants UK (with honours), and
(ASCON), Badagry and an HND in Business Military Governor, Sokoto State (1986) Institute of Chartered Accountants of
Studies from Kaduna Polytechnic, among and Commandant, Nigerian Defence Nigeria. He is also Associate Member,
other academic qualifications. He is a Academy (1992). Institute of Chartered Secretaries and
Fellow of the Institute of Purchasing & Administrators, UK. He is a seasoned banker
He is a farmer, businessman and Chairman,
Marketing Administration (IPMA), Institute and administrator, and has served in various
New Nigeria Development Company
of Corporate Administration (FICA) and Bankers’ Committees.
(NNDC) Limited.
Institute of Management Consultants
He is President of The Nigerian Stock
(IMC), as well as a Member of the Nigerian
Exchange and Chairman of Honeywell
Institute of Management (MNIM).
Group Limited (comprising about 10
Alhaji Alkali is currently Group Managing companies). He is Chancellor, Olabisi
Director/CEO of New Nigeria Development Onabanjo University, Ago Iwoye and a
Company (NNDC) Limited, Kaduna. He recipient of an honoris causa doctorate of
assumed the position of Managing Director/ the University.
CEO, Arco Solar Nigeria Limited, Kaduna
(1982–1988) and subsequently held several
executive management positions in the
banking industry. He is Chairman and
Director of several companies.

21
Milestones 14
Awards 22
Hassan-Odukale, Oyekanmi, MFR Mahmoud, Alhaji Abdullahi S.

Non-Executive Director Non-Executive Director
Mr. Hassan-Odukale attended the University Alhaji Mahmoud is a Banking and
of Houston, Texas, USA and holds both Management enthusiast with almost 25
Bachelors and Master’s degrees in Business years of considerable experience in both
Administration (Finance). domestic and international banking.
He holds professional Banking and
He is a board member of various companies
Accountancy qualifications, and has
including Prestige Assurance Plc, Adswitch
held various positions in different banks,
Plc and Globe Reinsurance Company
insurance firms and reputable companies
Limited. He is the Managing Director,
in the country. He was General Manager,
Leadway Assurance Company Limited.
United Bank for Africa Plc and Managing
Director, African International Bank Limited.

22 Introduction
AWARDS
2008 External Awards
Best Trade Finance Provider, Nigeria – Best Bank, Nigeria – Best Foreign Exchange Provider, Nigeria Financial Institution Award – Petroleum
Global Finance magazine, 2008 Global Finance magazine, 2008 – Global Finance magazine, 2008 Technology Association of Nigeria, 2008
Best Bank in Manufacturing Financing – Best Bank Stock of the Year – Superbrands Nigeria Award, 2008 Diamond Award –
Nigerian Bankers’ Award, 2008 Nigerian Bankers’ Award, 2008 Youth & Gender Network, 2008
2007 External Awards
Quoted Company of the Year – Winner, 31st Annual President’s Merit Annual Report & Accounts Merit Award
Nigerian Stock Exchange, 2007 Award – Nigerian Stock Exchange, 2007 – Nigerian Stock Exchange, 2007
Internal Awards – Chief Executive Officer’s Annual Award (CAMA)

FirstBank’s CEO Annual Merit Award has become a catalyst for stimulating and embedding a culture of innovation, excellence,
productivity and pragmatism in the Bank. The fourth annual awards ceremony was held on December 19, 2008. It was well attended
by a wide range of staff, among whom the following were worthy recipients of the Award:
Award Name of recipient Office
Best Teller Swasu Usman Katsina Ala Branch, Makurdi
Best Support Services Taiwo Oguntope Abule Egba, Ikeja 2
Best Head Banking Operations Angela Udeogalanya Aba
Best Customer Service Staff Angela Akpeme Agidingbi, Ikeja 1 BDO
Best Emerging Branch Mubi Branch Yola BDO
Best Branch P/Harcourt Shell Branch P/Harcourt BDO
Best Relationship Team National Corporates Corporate Banking
Best Relationship Manager Olufunke Ogeye Abule Egba, Ikeja 2
Best BDM/Group Head Costakis Caiafas Calabar BDO
Best Product Manager Ezinne Obikile Revenue Collection
Best Support Services Team Group 3 - Retail & Consumer Credit Analysis
Best Support Services Team Lead Naomi Esalomi Domestic Operations
Best Support Services Staff Mohammed Nda Domestic Operations
Best Support Function Team Internal Standards Business Performance Monitoring
Best Support Function Team Lead Richard Ogunmodede Business Performance Monitoring
Best Support Function Staff Kemi Marinho FINCON
Best Ancillary Officer Michael Raphael Technician
Most Innovative Staff Richard Ogunmodede Business Performance Monitoring
Most Enterprising Staff Rosemary Asiegbu Port Harcourt BDO

23
Operating Environment 24
Industry Review and Outlook 30
The Bank 36
Corporate Social Responsibility 42
Key Performance Indicators 48
BUSINESS
REVIEW

24 Business Review

25
The Bank 36
1 The Global Economy additional responses by monetary authorities Our Brand Pillars
aimed at maintaining market liquidity
The economic meltdown, which was
prompted by the financial crisis in the
included the purchase of delinquent assets; ENTERPRISE
and significant interest rate cuts. In today’s complex operating
United States, was the main backdrop to
activities in the past 12 months. The pace Economies in Asia, especially those heavily environment, our spirit of
at which this crisis unfolded and its far- dependent on the export of manufactured enterprise is helping us to
reaching effects make it difficult to describe goods, who were already buffeted by falling meet the challenges. Through
the review period in terms of one central global demand, tried to correct for growth tenacity, resourcefulness and
defining theme. Nonetheless, in varying by stimulating domestic demand. As in flexibility, we are maintaining
degrees, the dramatic re-pricing of credit a couple of Latin American economies, a FirstBank on a firm footing
risk emerged in the third quarter of 2008, number of Asian countries had recourse and repositioning as a truly
and this was made worse by lack of liquidity to policy cushions (built up in the buoyant modern Bank.
in many markets. The most significant phase of the now ended economic cycle)
causes of the crisis are the failure of financial to ease pressures on their economies.
supervision, an unsustainable model of Measures adopted included the relaxation
development characterised by prolonged of monetary conditions in support of the
low savings and unbridled consumption, credit creation process, and permission of
inappropriate macroeconomic policies, exchange rate depreciations. Nonetheless,
including lax lending protocols, low interest spurred by the current economic trajectory,
rates and the blind pursuit of profit. especially with domestic demand holding up
much stronger than previously envisaged,
By the fourth quarter of 2008, the central
China and India should weather this storm
policy challenge across major economies,
slightly better than most other economies.
especially in the developed economies of
North America and Western Europe, was Emerging economies declined somewhat
clear. Generally, regulators were saddled faster in response to the crisis, in part
with numerous concerns. There was a because their export sectors contribute
need for urgent solutions to the failure of a larger portion of their domestic output.
major financial institutions in Europe and Emerging European economies faced
America, rapidly rising yields on mortgage- the added challenge from the fact that a
backed securities and other higher-risk number of local credit instruments are
securities, the crash of quoted equity prices denominated in foreign currencies, with
in most stock exchanges, uncertainty over clear exchange rate threats to households.
the dispersal of losses and concentration In Africa, the gains from recent reforms,
of counterparty risks (key downside of the helped by positive external financing
originate-to-distribute model); increased conditions, may unravel in the absence of
volatility of currency and commodities policy to compensate for the large income
prices; and liquidity crisis. loss from falling commodity prices.
In the end, strategies in Western Europe Prospects for global economic recovery
and Northern America were focused on would depend to a great degree, unlike
maintaining market liquidity through in previous downturns, on improving
massive injection of funds with the financial conditions in the advanced economies,
services sector as prime beneficiary because especially the United States of America. Cadogan Place, a residential
of its central role in the credit creation It is increasingly clear that hopes pinned apartment block in Oniru, Victoria
Island, Lagos owned by Atrib Group,
process. The consequent recapitalisation of on growth in intra-Asian trade as a
financed by FirstBank
major banks, particularly in the US and UK, counterweight to recession in the developed
though considered inevitable, led to worries economies may have been misplaced, Cadogan Place is a residential apartment
about the implications for the liberal world as activity in this sector has failed to block located at Oniru, Victoria Island,
view of nationalising key sectors of these help end the downturn. For developing Lagos, owned by Atrib Group and solely
economies. From the US Federal Reserve, and emerging economies, the fiscal and financed by FirstBank. The facility will provide
high-quality residential accommodation.
through to the European Central Bank, monetary policy relaxation on which they

26 Business Review
OPERATING ENVIRONMENT
had depended in their battle to contain unemployment figures will, therefore,

the spills from the global economic crisis, continue to threaten the prospects of a
have to be addressed within a sustainable recovery in business confidence in the US.
medium-term economic framework if they
With growing downside risk to the medium-
are not to prove counter-productive in the
term outlook, and the risk of deflation now
longer term. This is because the size of the
a major worry, the US economy is now
fiscal imbalances arising from such a relaxed
forecast by the IMF to contract by 2.8% in
policy regime will be crucial in determining
2009 and to stagnate in 2010.
the pace at which these economies
will recover. Over the next 12 months, the US economy is
expected to come up against limits imposed
Across economies, current estimates are for
on the financial services sector by a decline
continued restructuring, first in the financial
in consumer spending, financial sector de-
services sector, which, if successful, is
leveraging, and corrections to the housing
expected to impact on the real sector of
sector. Although a number of initiatives have
the economies positively. This process is
been put forward by the new administration
expected to continue all through 2010,
to address this chapter of negatives, a
culminating in a recovery by 2011.
paucity of information has meant that the
1.1 The United States of America markets remain tentative, and the remedies
In the year ended December 31, 2008, US continue to underperform.
policy intervention was dominated by high-
As indicated by the problem with General
profile rescues of a number of companies,
Motors and a number of iconic US
the possible collapse of which posed
companies, the adjustment necessary to
severe risk to the system. However, with
return the American economy back to the
the Lehman Brothers’ (one of the largest
path of growth might be still more traumatic.
investment banks in the US) default in
It is becoming increasingly obvious that
September 2008, intervention by the public
the need to understand how the excesses
sector only heightened existing financial
resulted in the current downturn is no more
sector concerns over counterparties’ ability
important than the need to resolve them.
to meet their respective obligations.
Strong policy actions in the United States
With government recourse to fiscal easing,
will still be required if existing projections of
monetary policy was loosened as the
a gradual return to the growth path in 2010
Federal Reserve System subordinated its
are to be realised.
previous focus on maintaining a leash on
domestic prices to its desire to keep the 1.2 Europe
lending taps open. Still, the markets for With the fall in global demand taking a huge
short-term financing conditions continued toll on countries with large export sectors,
Radisson Hotel, Victoria Island, Lagos to deteriorate as the credit squeeze was the external sector in a couple of Western
further tightened for some businesses and European countries has come under severe
Strategically located at 1 Ozumba Mbadiwe households. Initial policy concerns with pressure. As a whole, however, the region
Street, Victoria Island, the Radisson is a 170-
providing liquidity to the financial services has also been affected by corrections in
room, five-star hotel being promoted by
Anchorage Leisure Limited, to be managed
sector led to a reduction in borrowing costs, household balance sheets, and in the books
by the Radisson SAS Group of Denmark. with US policy rates at 0.5%, near the zero of financial services companies.
The project is being financed through a interest floor.
Economies of the Commonwealth of
syndication of banks including FirstBank,
Although non-financial companies entered Independent States (CIS) and emerging
with a syndicated medium-term debt facility
this phase of the business cycle in better markets in Europe, have, on the other
contributed by the banks and a 25% equity
contribution by the stakeholders. The project shape than in the last downturn in 1991, hand, confronted extremely challenging
is expected to complete in October 2009 and industrial production and merchandise trade external financing conditions, following the
the hotel should be commissioned before the succumbed to falling global demand and reversal of capital inflows, and declining
end of December 2009. dwindling consumer spending. Corrections commodity prices.
in household balance sheets, and rising

27
The Bank 36
Falling global commodity prices along with services industry are imperative in the 1.4 Africa
the constraining effect of rising output gaps economies outside the Eurozone. This Africa has enjoyed robust economic
across the region have held down prices, would be necessary to help protect such performance in recent years, driven by
causing policy rates to fall to record lows economies against current vulnerabilities, healthier domestic policies and benign
in the Eurozone and 0.5% or lower in the and to boost domestic savings as a share external conditions. However, while
United Kingdom. As in the United States, of GDP. effectively divorced from direct subprime
authorities in Europe sought to relax the grip lending and related investment markets, the
1.3 Asia
of non-performing loans on the financial continent is being affected by a contraction
The major problem confronted by Asian
services sector through the provision of in trade, investment inflows, diaspora
countries in the review period was how to
guarantees and new capital. In the United remittances and, quite possibly, aid and
compensate for the drop-off in the export-
Kingdom, for instance, the increasing donor inflows.
led growth of recent years, by putting in
magnitude of the official stimulus package
place growth-centric structural reforms that Consequently, the continent’s aggregate
pushed up the fiscal deficit, aggravated
could stimulate domestic demand. That output grew to 5.2% in 2008 from 6.2%
government debt levels, and put pressure
said, the more developed countries in the in the previous year. With exports being the
on government bond yields.
region manifested similar vulnerabilities most affected by the downturn in global
In Germany (Europe’s biggest economy) to North America and Western Europe in demand, international commodity traders
and France (its second biggest), real GDP succumbing to the economic meltdown. have endured the most of the recent
was expected to fall from 1.3% and reversals in global economic fortunes.
Countries where exports account for
0.7% in 2008, to -5.6% and -3% in 2009 Across the continent, the negative feedback
a relatively lower proportion of GDP
respectively. Consumer prices were expected loop between the financial and real sectors
(especially in China and India) saw aggregate
to decline over the same period, from of the economy has seen a readjustment of
output growth fall far lesser than
2.8% to 0.1% in the case of Germany, and prices across sectors.
experienced by others. Across the region,
from 3.2% to 0.5% in the case of France.
the newly industrialised economies (Korea, Although the relationship between falling
Despite receding exports, Germany’s current
Hong Kong SAR, Taiwan, Singapore); commodity prices on the world market
account position was expected to remain
emerging economies in Southeast Asia; and and prices in the respective economies
in surplus in 2009, although dropping by
Japan all witnessed decline in aggregate on the continent is not as linear as in the
110 basis points against the 2008 figure.
domestic output ranging from 10% to advanced economies, inflationary pressures
France, on the other hand, reflecting lower
25% in 2008. have softened, on the average, continent-
domestic savings levels, was expected
wide. In countries where adjustment to
to see a worsening of its current account Consumer prices in China (5.9%), India
the exchange rate has borne the brunt of
deficit over the same period. Overall, the (8.3%), Pakistan (12%), Indonesia
domestic response to the external shocks,
Eurozone was expected to shrink by 4.2% (9.8%), and Korea (4.7%) firmed in 2008,
inflationary pressures have, indeed, pushed
in 2009 compared with marginal growth of compared with their respective values in
up slightly.
0.9% in 2008. 2007. However, owing to their respective
vulnerabilities to the external sector, and And the policy response function in the
Although Europe has succumbed to the
the strength of their domestic economies, more advanced countries on the continent,
same aspects of the global economic crisis as
only China (10%), Malaysia (17.4%), Hong especially the monetary and fiscal easing that
most other advanced economies, especially
Kong (14.2%), and Singapore (14.8%) were required to maintain system liquidity,
the implosion of the housing sector and
maintained strong positive current account could worsen the continent’s overall fiscal
strained external financing conditions,
balances in the twelve months to December position, even as current account balances
problems with stimulating domestic
31, 2008. are expected to deteriorate substantially. It
demand, especially in the Eurozone, have
is estimated that the external balance of
worsened the impact of the crisis. In In spite of the current account balances of
the continent will weaken from a surplus of
emerging Europe and the Commonwealth these countries, emerging Asia grew by
1% in 2008 to a deficit of 6.5% of GDP
of Independent States (CIS), reversal of 6.6% in 2008 as against 9.8% in 2007.
in 2009.
capital inflows has been the major source
Intra-Asian trade, which was supposed
of their vulnerability. Ethiopia (11.6%) and Angola (14.8%)
to have allowed Asia ride the crest of the
turned in the region’s fastest aggregate
The recovery outlook for the Eurozone, global financial storm, has not achieved the
output growth rates in 2008. Although
in particular, will depend on the extent to desired impact yet. Consequently, policy
Angola, with its huge oil-base should witness
which the ongoing reforms of its labour response across the region has sought
negative growth this year, Ethiopia, given its
and product markets help boost domestic to rebalance growth from external to
more diversified economic base, should still
demand. Further reforms to the financial domestic sources.
grow by 6.5% in 2009. Tanzania (7.5% in

28 Business Review
OPERATING ENVIRONMENT
2008 and 5% in 2009), Ghana (7.2% in councillorship election. In recognition of the

2008, and 4.5% in 2009), and Morocco need to strengthen voice and accountability
(5.4% in 2008 and 4.4% in 2009) are all in our democracy, the federal government
expected to ride the storm better than received a White Paper on the report of
most economies. Overall, oil importers are the Electoral Reform Committee headed by
expected to do better than oil exporters. Justice Muhammad Lawal Uwais (retired).
The global financial crisis impacted the There were, however, major negatives to the
continent in different ways. Commodity political outlook, including the restiveness in
importers on the continent have borne the the Niger Delta, and ethno-religious clashes
brunt a lot less than exporters. However, in some parts of the country. The Niger
recourse to structural reforms by a number Delta militancy disrupted the country’s oil
of economies on the continent ahead of production and the supply of gas to the
the crisis meant that the continent has nation’s thermal plants, which affected
responded to this particular shock in earnest, electricity generation and supply negatively.
unlike in the past. Enhanced private sector In search of an enduring resolution of
contribution to the domestic value creation the crisis in the Niger Delta, the federal
process, and improved public expenditure government continued with its reforms
management frameworks have been vital through the creation of an additional
to this process. ministry for the area. It is hoped that this
initiative will lend extra focus to official
The region’s short- to medium-term outlook
attempts to resolve the sense of exclusion
is a function of how it recovers from the
felt by some stakeholders in the area.
current crisis, and its ability to play larger
roles in the global economy. Ultimately, both Official concerns over spillover effects of
these dimensions call for further reforms in the global economic crisis on the domestic
its respective economies, especially those economy prompted President Umaru
reforms that could help boost intra-region Musa Yar’Adua, GCFR, to set up a steering
trade. The rising popularity and return of committee to evolve and drive the response
democratic governance and accountability to the challenges posed by the development.
across the continent have been material Also, in continuation of its reform of public
to the success of the reform drive. Going sector institutions for efficiency in service
forward, this process must be broadened delivery, the federal government began
to ensure that decision-making across the the process of decentralising the Bureau
continent resides at the lowest feasible level of Public Procurement, also known as the
of government. Due Process Office. When completed, this
2 Nigeria phase of the reform effort is expected to
head-off delays in the commencement and
2.1 The Domestic Political Environment implementation of projects.
Nigeria’s most recent democratic experiment,
the Fourth Republic, came of age in the Clearly, the next phase of the reform
review period, as neither rulings by election agenda should concentrate on removing all
tribunals, nor the eventual outcome of impediments to trade and business in the
by-elections for seats where elections had economy. Government remains key to the
been declared inconclusive, threatened process of launching this economy on the
the nation’s social and political fabric. The path of sustainable development, both as
Independent National Electoral Commission the main source of most of the costs that
(INEC) conducted 41 by-elections during the businesses bear when they set up, and in
review period, comprising five governorship, operation – as well as a provider of collective
two senatorial, six for federal constituencies, infrastructure for the proper running of
27 for state constituencies, and one the economy.

29
The Bank 36
2.2 The Domestic Economic Environment the weighted average exchange rate of the
On the back of strong non-oil sector naira in relation to the US dollar appreciated
performance, aggregate output growth by 0.3% to US$1/N120.7 over the end-
was estimated at 5.3% last year compared December 2007 figure, but depreciated
with 6.4% in 2007. Although industrial from US$1/N123.8 to US$1/N125.3 in the
output fell by around 2% in the review bureaux de change segment of the market.
period, this drop was compensated by
Government-led reform of the economy
strong performance in the building and
during the year included the adoption of
construction sector (13.1%), wholesale and
the Financial Sector Strategy 2020 (FSS
retail trade (12%), services (10.3%) and
2020) as the blueprint for its bid to ensure
agriculture (6.3%).
that the Nigerian financial system becomes
Aggregate banking credit (net) to the one of the safest and most developed in
domestic economy continued its upward Africa and among the top 20 in the world
swing during the review period, with by the year 2020. In addition, as part of
lending to the private sector growing steps towards restructuring and stabilising
by 59.5% over the end-December 2007 the capital market which had experienced
level. This was, however, much lower than monumental contraction during the year,
the 90.8% growth in the period ended companies quoted on The Nigerian Stock
December 2006. Aggregate bank lending to Exchange were given the option to buy
the economy rose by 100.6% in the review back up to 20% of their shares.
period as against 276% over the 12 months
Given the origin of the current crisis,
to end-December 2007. Bank lending largely
there are considerable limits to the use of
drove the increase in monetary aggregates
domestic levers to prop up output. As the
in the review period. Broad money supply
global economy recovers, external demand
(M2) and narrow money supply (M1) rose
should begin to pick up. In view of Nigeria’s
by 58% and 56.5% respectively, compared
dependence on oil export earnings, this
with 25% and 36.6% in the preceding year.
should feed into growth. To date, domestic
Consequently, consumer prices remained
efforts in maintaining system liquidity require
under pressure during the year, rising by
further restructuring, to lock in the gains
11.2%, despite having grown by 5.5% in
from an orderly response to the crisis. Basic
the previous year.
requirements for this include the need for a
Although gross external reserves at conservative accounting for bank loan books,
US$52.8 billion by year-end 2008 indicated and for consistent treatment of this across
a marginal increase over the US$51.3 billion the sector. Public purchase of the delinquent
recorded in the same period in 2007, the portions of the industry’s loan books,
sharp swings in the monthly totals during within the context of an asset management
the year reflected a progressive decline framework, may yet be necessary.
in the nation’s oil production levels. After
Nevertheless, the key reform requirement is
averaging 2.5 million barrels a day (mbd)
at the macro-economic level, including the
between 2003 and 2006, the nation’s oil
need to reposition the economy from its
production dropped off to less than 2.2mbd
current dependence on oil export revenue.
by the end of 2008.
While this should reduce the economy’s
Declining oil production and oil prices on vulnerability to external shocks, because it
the international markets were key inputs requires the build-up of sustainable domestic
into the N3.1 trillion 2009 Appropriation capacity, it should also help improve the
Bill approved by the President; 6.9% economy’s growth rate.
higher than the 2008 budget. At the
Wholesale Dutch Auction System (WDAS),

30 Business Review

31
The Bank 36
1 Overview their support to the CBN’s commitment Our Brand Pillars

to keep domestic credit taps open, the
The industry’s focus on expanding the retail-
Bankers’ Committee agreed in March 2009 SERVICE
banking segment of the market continued
in the year in review. However, declining
to a ceiling on lending (22%) and deposit EXCELLENCE
(15%) rates. With the consumer price index
household wealth from the collapse in stock There are no limits to our capacity
averaging 14% in the quarter to end-March
market valuations, and lower consumer to improve. In today’s tough
2009, these rate caps remain positive,
spending as the economy corrects current economic conditions, we will
although concerns remain that the pressure
levels of leverage on its balance sheet, continue to invest in world-class
on the monetary authorities to review this
could slow down this trend. Indeed, deposit processes and systems to drive
may further test its commitment.
rates, which were trending upwards before efficiencies, enable us to enhance
the ceiling announced by the Bankers’ With the lull in the macro-economy, service delivery and maintain our
Committee in March, were a measure expectations are that margins in the reputation for quality.
of the level of intra-industry competition banking industry will come under
for sourcing of liabilities during the year. tremendous downward pressure up to the
In view of the fact that rate trends in the third quarter of the current fiscal year. In
review period may have been indicative of particular, despite higher rates, the build-
supply-side constraints to the market, the up of deposits is expected to soften. With
quest for larger retail market shares, even the anticipated contractions in business
as the market responds to the constraining and housing investment, and final domestic
effects of the global financial crisis, may demand, we expect lending to decline in
lead to further intensification in competitive the short- to medium-term. Not surprisingly,
activity, and the rapid deployment of new in this environment, we expect to witness
products/services. a tightening of the risk acceptance criteria
for lending to virtually all sectors of the
Growth in banks’ credit to the private sector
economy. Profitable business opportunities
continued to increase during the review
will still be available for institutions able
period, albeit at a much slower rate than
to deliver superior value propositions,
it did the previous year. On the back of this
including the ability to cater for the market’s
growth, the total assets/liabilities of the 23
current preference for safety of funds
banks operating in the country stood at
over profitability.
N13 trillion as at end-December 2008. The
corresponding figure for the 12 months Despite these general challenges identified,
to end-December 2007 was N10.1 trillion. it is an indication of the industry’s continued
The weighted average inter-bank call rate, growth during the review period that “The
which was 9% in December 2007, had Banker” magazine in conjunction with Brand
risen to 12.2% by December 2008. Finance, the leading UK-based independent
valuation firm, named five Nigerian banks
Given the depth and unprecedented
(FirstBank inclusive) among the top 500
circumstances of the global crisis, the
financial brands in the world.
public policy response in Nigeria focused
on addressing the unanticipated second- The limited integration between the
round effects of the crisis on the domestic domestic financial services industry and the
economy. These in turn led to a number of global financial system has played a useful
unintended consequences. Consequently, role in moderating the build-up of negative
policy volatility climbed up the list of the momentum in the former, because of the
industry’s main challenges in the review ongoing crisis in the latter. Nonetheless,
period, as operators had to respond to the there is clear domestic evidence of negative
diverse policy initiatives implemented by feedback from the global financial crisis.
the Central Bank of Nigeria (CBN) as part Accordingly, the domestic fiscal and
of its response to the global financial crisis. monetary authorities have identified the
Noteworthy amongst the initiatives was the provision of liquidity as central to supporting
CBN’s decision to deploy Resident Examiners the economy, as it contends with a reversal
to banks in its effort to ensure the safety of capital flows, and the consequent effects
and soundness of the sub-sector. Lending of this.

32 Business Review
INDUSTRY REVIEW AND OUTLOOK
In this context, the macroeconomic policy 40% to 30%. Despite these measures to
Global and onus in the medium term will be on
the design of policies conducive to the
boost liquidity, growth in broad money
supply (M2), which stood at 58% in the
national mobilisation of domestic savings, and 12 months to December 31, 2008, declined
reputation growth in local final demand. This will

involve continued reform to the financial
to 30% year-on-year by end-February
2009. In the same vein, credit to the private
FirstBank took first place among five other services sector, and a strong commitment sector grew at a slower rate, increasing
Nigerian banks in a leading UK-based to dealing with the much talked-about by 44% (on an annualised basis) by end-
survey. On a global basis the same survey infrastructure constraints. Given current February 2009 from 59.5% in the year to
ranked us among the top 500 financial strains on the CBN’s balance sheet from end-December, 2008.
brands in the world (The Banker / Brand its effort to sustain sector liquidity, the
Finance). Consequently, the MPC meeting of April
restoration of a healthy financial services
8, 2009 concluded that “liquidity tightness
sector would require the conservative
and, hence, relatively higher inter-bank
valuation of the industry’s loan books and
interest rates” was one of the central
its consistent treatment across all banks.
pressure points for monetary policy, and
The industry’s growth opportunities are again reduced the MPR from 9.8% to 8%;
expected to shrink as domestic demand the liquidity ratio from 30% to 25%; and
tapers off. Increasingly, though, value reduced the Cash Reserve Requirement
should be found in the design of products/ (CRR) from 2% to 1%.
services, which speak to the markets’
needs for bespoke financial solutions. 1.2 Inflation
In this circumstance, a re-balancing Although inflationary pressures eased
of service delivery channels away from in most countries in the 12 months to
brick-and-mortar branch banking to December 31, 2008 as commodity prices
alternate e-business-based services would fell sharply, the consequence of weak global
be appropriate. export demand failed to feed through to
the domestic economy. Inflation during the
But more than this, the design of a medium-
review year remained above the CBN’s single
term economic policy framework, based on
digit target, recording a year-on-year rate
the rejuvenation of private enterprise across
of 15.1% as at December 2008, compared
the economy, will be crucial to sustaining
to 6.6% in the same period last year. On
output growth beyond the rate of 5% over
a 12-month moving average basis, inflation
the next decade.
for December 2008 stood at 11.6%,
1.1 Monetary Policy Management compared with 5.4% in December 2007.
Concerns over the degree of resilience in the As the domestic policy response continues
global economy dominated the monetary to address the possible demand-limiting
policy response in the review period. effects of less liquidity in the financial
Accordingly, monetary policy management services system, and the adverse effect
was distinguished by a major paradox: rates this could have on the real economy, the
tightened in the inter-bank markets even design of a medium-term macro-economic
Central Hotels Limited, Kano, a hospitality as monetary conditions eased considerably. management framework that ensures
project financed by First Funds Limited on Up until the August 5, 2008 meeting of the sustainable growth will require attention in
behalf of FirstBank CBN’s Monetary Policy Committee (MPC), order to check growing inflation pressures.
Central Hotels Limited is situated on Bompai the main policy worry was the continued Invariably, this will require appropriate
Road, Kano. It is an upper three-star hotel with upward movement of most rates in the policy responses to the rapid buildup of
209 rooms. On completion, the hotel will be money market. Effective September 2008, monetary aggregates and of the banking
managed by African Sun Limited of Mauritius in a bid to inject liquidity into the financial system’s credit to the private sector. Inflation
using the Holiday Inn brand to provide high- system, the CBN reduced the monetary pressures continued to strengthen in the
quality hospitality services in Kano to various policy rate (MPR) from 10.3% to 9.8%; first quarter of 2009, reflecting to, a large
grades of travellers and tourists. It is the first the cash reserve requirement (CRR) from extent, the impact of the rapid depreciation
internationally branded hotel in Kano.
4% to 2%, and the liquidity ratio from of the naira in the fourth quarter 2008.

33
The Bank 36
1.3 Payments/Clearing System The CBN’s reform focus on the e-payment

On the back of its harmonisation of
cheque clearing cycles in the country to
platform complements noticeable growth
in the markets’ use of e-payment platforms
Opportunities
three working days (T+2) last year, the during the review period. ATM transactions, and challenges
CBN continued its reform of the payments
system through extension of domestic
electronic payments, and point-of-sale
transactions played increasingly large roles in the banking
clearing operations to six new zones in
the country. These include Awka, Lokoja,
in the retail payment system and this was
consistent with the industry’s bid to grow sector
Umuahia, Asaba, Osogbo and Gombe. Our returns through increased penetration Public policy on economic issues, and
expectations are of further expansion of the of the retail banking segment by using a ongoing initiatives to develop the national
payments/clearing system reform horizon, multi-channel service delivery platform. In banking infrastructure, require all banks
as the National Payment System Committee responding to the market’s adoption of this to reposition in response.
considered four reform initiatives, including payment platform the CBN re-stated existing
the Regulatory framework for Mobile restrictions on bank deployment of off-site
Payments Services, Nigeria Direct Debt ATMs, and directed the redeployment of
Scheme Rules, Transaction Switching existing outlets in public places to banks’
Guidelines, and the Nigerian Bankers premises by June 30, 2009. In addition,
Clearing House Rules. These initiatives the CBN set in motion the process for the
were conceived as integral aspects of licensing of an additional ATM consortium
the CBN’s Payments System Vision 2020 in the country.
Action Plan, and are expected to regulate
The public sector adopted another level
the use of mobile phones as e-payment
of business sophistication during the
channels, use of e-payment platforms for
period. The FGN’s directive to its Ministries,
bill payments and collection, and facilitate
Departments and Agencies (MDAs) on the
interconnectivity of payment switches. In
compulsory implementation of e-payment
addition, during the review period, the CBN
for all funds presented a mix of challenges
commenced the process of outsourcing the
and opportunities to banks, who must,
non-core part of its currency processing and
therefore, reposition in response. The
distribution work to the private sector.
prevalent e-business re-orientation in
The Federal Inland Revenue Service (FIRS)- public business was therefore instructive,
induced implementation of Real Time Gross as it required banks to deploy e-payment
Settlement System (RTGS) in November platforms to MDAs in order to acquire
2008 was a major market discontinuity that income rights and other primary bank
threatened our liability generation strategy. privileges. A new competition trend soon
The policy meant the loss of FirstBank’s lead evolved, driven by pricing models, varied
bank mandate since all banks would have e-payment product specifications, and
to remit all FIRS collections to CBN directly, discerning customers’ needs, which are
and it translated into loss of our indirect inevitable for customer loyalty and retention
collection that traditionally accounts for the dynamics. Non-bank players (service
largest portion of our volumes. providers) also emerged as competition for
MDAs payment mandates. In response, we
However, the shock of the change on
upgraded our electronic payment system
our volumes was accommodated by The new Tejuosho Market in Surulere,
(FirstBank EPS) to meet current realities and
the development of more customised Lagos, under construction with financing
required functionalities.
collection products, and the deepening of from FirstBank
our presence in, and share of the revenue
In pursuit of the Lagos State Government’s
collection market. The FIRS later reverted
policy to increasingly modernise markets in
to the lead collecting bank business model the state, the project is meant to establish an
after facing challenges of reconciliation ultramodern market complex in place of the
resulting from the direct remittance to CBN old Tejuosho market, which was gutted by fire
by all designated banks. a while ago.

34 Business Review
INDUSTRY REVIEW AND OUTLOOK
1.4 Consolidation/Integration the comparative evaluation of industry

Industry With Bank PHB’s acquisition of a 59%
equity stake in Spring Bank, the second
financials would, no doubt, be a useful
additional tool. In the period under review,
consolidation phase of the industry consolidation the CBN posted resident examiners to banks
continued. Slightly more subdued than the and lent its voice to the establishment of
We continue to expect increased merger
and acquisition activity within the regulation-inspired first phase, this second credit bureaux.
industry in the context of a much tougher phase was expected to have leveraged
1.6 Foreign Exchange Management
operating landscape. opportunities from the growing integration
Foreign exchange markets were perhaps
of the local financial markets with the
the strongest transmission channel of the
global economy. In response to the crisis,
global financial crisis to the sub-continent,
this outlook has changed significantly.
as domestic currencies succumbed to
Given a much tougher operating landscape,
downward pressure as foreign investors
industry consolidation may well progress
divested their African portfolios. However,
more rapidly than was previously forecast.
on the back of its strong external reserve
Although the process of market correction
position, and the CBN’s apparent
may be drawn out, industry combinations
commitment to boosted foreign exchange
along diverse lines would help rebuild both
supply to the market in response to
capital and market trust, while significantly
ballooning demand, the naira remained
moderating leverage levels. We continue
relatively stable up until the third quarter of
to expect increased merger and acquisition
the year.
activity within the industry.
However, continued external financing
1.5 Regulatory Reforms
constraints towards year-end 2008 and
Policy responses to the fall-out of the global
sharp reduction in the CBN’s sale of foreign
crisis defined the regulatory universe in
exchange upset the stability. With the
the review period. In view of its focus on
inter-bank market coming under severe
maintaining banking sector liquidity, the
pressure, the apex bank was compelled
CBN’s policy response horizon became
to commit to maintaining market liquidity
manifestly narrower, concentrating on
through a daily two-way price quote. By
near-term concerns. Chief amongst these
January 2009, the main foreign exchange
were the waiver of the application of the
management challenge was how to pursue
requirements of the Prudential Guidelines to
the stabilisation of the exchange rate. In
margin loans, leading to their re-structuring
pursuit of this goal, the apex bank reversed
until December 2009, and an interest rate
its earlier policy trajectory, temporarily
cap on both deposit (15%) and lending (all
reverting to the Retail Dutch Auction
in 24%) effective April 1, 2009.
System (RDAS), while implementing a
At the long-end of the policy spectrum, number of other initiatives. Significantly,
aside from strengthening institutional the CBN temporarily suspended inter-
coordination through the Financial Sector bank foreign exchange transactions, cut
Regulatory Coordinating Committee regulatory limits on banks’ net open foreign
(FSRCC), the regulatory authority also exchange positions from 20% to 1% of
embarked on a review of the contingency shareholders’ funds, introduced a band of
The new Adeniran Ogunsanya
Shopping Complex in Surulere, planning framework for systemic distress, plus or minus 3% on the sale of foreign
Lagos, under construction with financing with emphasis on enforcing code of exchange, and restructured the bureaux de
from FirstBank corporate governance. The CBN’s concern change segment of the market.
over disclosure levels and transparency
Aligned with the Lagos State Government’s
standards in the industry was reinforced
goal to modernise markets in the state,
the ongoing reconstruction of Adeniran
during the year by the adoption of a
Ogunsanya Shopping Complex will common year-end for all banks, effective
provide shoppers with a value-added December 2009. A common platform for
retail environment.

35
The Bank 36
1.7 Capital Market 1.8 Microfinance

In the six months to end-June 2008, the
primary market was very active, with 130.5
The CBN continued to license microfinance
banks (MFBs) in the review period in
A distinctive
billion new shares admitted into the daily pursuit of its goal of attracting the bulk approach
official list as against 26.8 billion recorded of funds in circulation (outside banks)
FBN Microfinance Bank commenced
the previous year. The bonds segment into the informal financial services sector, operations with three branches in
remained just as active with FGN Bonds of and increasing the proportion of the January, with the aim of bringing a
3, 5 and 10-year tranches valued at N278.5 economically active populace with access distinctive approach to service delivery
billion issued and allotted. The market hit to the formal financial services sector. in this sector.
an all-time peak in February 2008 with However, given the huge financing gaps
the All-Share Index closing at 65,075.02 at the micro-enterprise level, a lot more of
and market capitalisation at N12.4 trillion. these institutions will have to be licensed,
However, activity in the market decelerated even as existing MFBs broaden their
rapidly as highly capitalised companies in operations. Despite the specialised nature of
the insurance and banking sub-sectors their markets, however, a number of these
suffered massive price losses. The reversal institutions have rolled out their operations
in the fortunes of the market came after and complementary tools and personnel
a controversial statement purportedly like the ‘formal’ banks. Conscious of the
forbidding banks from lending against share fact that the implications of these expensive
purchases was attributed to the CBN. office complexes, status vehicles and fixed
asset acquisition costs on the operations
By end-December 2008, the All-Share Index
of this category of financial institutions
and total market capitalisation of the listed
are likely to be adverse, FBN Microfinance
securities fell by 45.8% and 31.7% to close
Bank commenced operations with three
at 31,450.78 (1984 = 100) and N7 trillion,
branches on January 19, 2009, based on
respectively as against 57,990.22 (1984 =
a thorough appreciation of the distinctive
100) and N10.2 trillion in December 2007.
ways in which service may be delivered in
To stem the share price haemorrhage
this sector, and the required levels of skills
and related value loss, the Securities and
and competencies.
Exchange Commission (SEC) appointed
three market makers in November 2008, In the review period, the Microfinance
with specific responsibility for creating Inter-Bank Market was launched to provide
markets and liquidity on the Exchange. microfinance banks with access to funds,
Nonetheless, underscoring the market’s role particularly during this period of tightness
as a major link in the economy’s relation in the markets. Average inter-bank rates in
with the global economy, activity on the this market as at end-March 2009 stood
markets has remained subdued. at 18.7%.
A part of the factory of Mimonet Nigeria

Limited, Lagos, a garment manufacturer
financed by First Funds Limited on behalf
of FirstBank
The company started operations in 1995
as a small fashion house from the family
home, but has grown to become a major
provider of clothing to individuals across
the country.

36 Business Review

37
The Bank 36
1 introduction 3 Performance Management Our Brand Pillars
In response to a more competitive operating

environment, FirstBank embarked on a
FirstBank’s performance management
architecture has been designed around
HERITAGE
corporate transformation project focused three plinths: performance management Our proud heritage gives us
on driving key, cross-functional initiatives systems, performance culture and a talent the means to build a stable and
required to deliver on the Bank’s aspirations. acquisition and development programme. secure future with integrity.
The central element of this is the pursuit Knowing where we come
In the course of the next three years, we from helps us to be confident
of growth, to be achieved among other
shall be defining a clear set of corporate in where we are going. It is
means by taking advantage of the
key performance indicators (KPIs) and not enough to stand still. We
“integration engine” to ensure the capture
targets, cascaded to our business units must keep moving towards
of expected value from the Bank’s inorganic
and individual staff. This process shall be improved performance to meet
growth strategy. We have also commenced
complemented by the implementation the needs of a new generation
a standardisation process to increase our
of a robust performance monitoring and of customers and stakeholders.
efficiency, speed, accuracy and optimise
dialogue/review process, and an increase
our overall cost structure. Ultimately, this
in internal and external accountability and
requires that we achieve two clear objectives:
transparency. This process will help the Bank
create superior customer experience while
develop a continually strong pipeline of the
re-focusing branch staff from processing
best industry talent, while freeing resources
to sales; and significantly improve our cost
for investment in and advancement of
position by optimising distribution costs and
high performers.
improving customer convenience through
enhanced service options. We believe strongly that by ensuring a robust
employee value proposition that helps us
A number of key additional initiatives are
retain top performers, we shall continue to
described below.
improve on the noticeable improvement in
2 Branch Network and EXPANSION accountability and performance recorded in
the last two quarters.
Seventy new branches were opened during
the review period, bringing the Bank’s 4 Information Technology
branch network to a total of 536 branches
In keeping with our commitment to being
as at March 31, 2009. Despite the global
truly the first, FirstBank continues to make
downturn and its likely adverse impact
strategic investments in robust industry-
on demand in the domestic economy, the
leading technology solutions that support
branch will remain the focus of the Bank’s
our strong customer-centric approach to
strategy execution.
financial service delivery. In this regard,
Consequently, every branch of the Bank our information technology infrastructure
will serve as a critical interface between a provides the enabling competence for
retail banking strategy designed to deliver managing customer experience across
financial service solutions to new customers our growing touch-points, including
amongst the country’s nascent middle class 536 branches, about 1,000 ATMs and
and the e-banking platforms that will serve POS terminals, internet banking, mobile
as market-open vehicles. banking, electronic payment systems, and
alert services (SMS & e-mail). FirstBank Big Splash Savings Promo
In the short to medium-term, our branch
opening strategy will be driven by Mrs. Rosita Uzoamaka Agu, a visibly elated
customer of FirstBank Ajao Estate Branch,
competition for market share. In this regard,
presented with a Toyota Corolla 2008 model
a key requirement will be the ease with as Star Prize Winner of the Enugu Draw in
which players in the industry combine the the ongoing FirstBank Big Splash Savings
need-satisfying attributes of their product/ Promo. The Promo is part of the Bank’s
service mix with the ease of access/use and far-reaching initiatives to further delight its
convenience of their delivery channel mix. valued customers.

38 Business Review
THE BANK
With information technology being the 5 Manpower Development

Workforce backbone of the industry, FirstBank intends to
strategically exploit the use of technology to
As one of the leading private sector
strategy drive process efficiency, product innovation
employers of graduate-level personnel in the
country, FirstBank’s manpower development
and service delivery. Accordingly, during the
A key milestone this year was the design policy recognises the invaluable contribution
review period, in a bid to further secure our
and implementation of a new strategy that labour has made to the growth and
to provide best-in-class financial services. customers’ transactions, we became the first
development of countries successfully
financial institution to deploy multi-factor
navigating from third world to developing
authentication technologies on electronic
country status. Consequently, our human
banking platforms.
capital management initiatives during the
First Bank also completed the deployment year in review were geared towards providing
of the following new applications in necessary support to staff, departments,
the year: and the various business drivers to enable
the Bank to achieve its goals and objectives.
• Oracle HR (for the automation of our entire
One of the key milestones in the search
human capital and talent management
for more efficient workforce management
processes including training, performance
included the design and implementation of
and benefits administration);
a new workforce strategy. As the level of
• FirstECM (for enterprise content sophistication of the domestic market for
management and workflow automation); financial services increased, expectations
and for more efficient customer service within
the industry have also grown. Technological
• nCompass (to further improve our
improvements have played a key role in this
automated clearing process nationwide
process, as improved data-gathering and
using modern cheque truncation and
processing have made the design of bespoke
collaboration technologies).
financial solutions much easier. This has also
Amongst other initiatives, FirstBank is driven the need to align staff skill sets with
currently implementing a Data Warehouse customer service delivery expectations. Our
and Business Intelligence project that will goal in this regard is the provision of best-
enable our new performance management in-class financial services, using least-cost
framework and put us on the clear path to solutions. The remodelling of our workforce
full Basel II compliance. We are also in the structure in the last year was intended
process of setting up a best-of-breed contact to achieve the staff mix consistent with
centre supported by a robust Customer this goal.
Relationship Management application. We
In the review period, we continued to
expect the completion of these initiatives
replenish the Bank’s workforce, especially at
within the current financial year to enhance
strategically important levels of responsibility.
our competitive advantage.
As the Bank grows its footprints locally and
internationally, contributing positively to our
customers’ value chain, we hired personnel
with the unique skill set needed to fully
Amo Sieberer Hatchery Nigeria Ltd, leverage our operations. As has become
Awe, a fully automated poultry operation traditional with the Bank, we employed
financed by FirstBank entry-level graduate staff during the year.
The company is one of the foremost poultry
farms in Nigeria, producing high-quality day
old chicks, both layer and broiler. Breeding is
carried out by scientific method of artificial
insemination. They have been an account
with FirstBank for over twenty years.

39
The Bank 36
Our staff remain the fulcrum of our diverse To further ensure the soundness of our
operations. Other staff-related initiatives
implemented during the review period
business, corporate governance, disclosure
and transparency, the position of the Chief
N7.1 billion
included a comprehensive mentoring/ Financial Officer (CFO) at an Executive Agricultural financing attained an all-
time peak of N7.1 billion during the
counselling programme and sundry Director (and Board) level was created
financial year.
career management initiatives. The Bank’s during the review period, though it took
succession planning framework, and an effect on April 1, 2009. The impact of this
automated people management system, development is already being felt in the
were designed with this in mind. We areas of financial control, performance
are confident that with our current staff measurement, and investor relations,
complement and the planned addition to it, amongst others.
we have the pivots and the props needed to
To maintain our high standards, the Board,
take full advantage of opportunities in our
Management and Staff are regularly updated
business environment.
on regulatory dynamics and responsibilities
6 Compliance through focused training and publications,
especially the Compliance Newsletter.
In our enduring commitment to a strong
compliance culture within the FirstBank The Bank’s Compliance function continued
Group, our relationship with the local to be recognised within the industry. The
regulators grew stronger during the year Chief Compliance Officer (CCO) of the
under review. We submitted all statutory FirstBank Group is an active member of the
reports in the required formats, as and Committee of Chief Compliance Officers of
when due to the regulator(s). All enquiries Banks in Nigeria (CCCOBIN), a committee
received from the regulators were handled of CCOs of all banks in Nigeria dedicated
with utmost professionalism and urgency. to the promotion of a collaborative effort
As we began to reap the benefits from aimed at evolving a strong and sustainable
our huge investment in the automation of compliance culture in the Nigerian financial
our Anti Money Laundering/Know Your landscape.
Customer reporting regimes, we continued
7 Agriculture Business
to pursue aggressively our policy of zero
tolerance to regulatory infractions. The Bank Stronger growth in domestic consumption
has maintained 0% sanctions and managed and fiscal consolidation are essential if
regulatory exposures. the economy is to successfully ride the
current global economic storm. Given its
The Board of Directors has been supportive
contribution to aggregate output growth,
of all compliance initiatives, especially as
and its capacity for generating employment,
regards the capital-intensive investment in
especially in the rural areas, agriculture
reporting tools and technologies, as well as
remains a major growth driver of the
staff training. Thoroughbred cattle at Durante Farms,
economy, especially in the face of dwindling
Oyo, an integrated farming company
FirstBank has consistently complied with oil revenues and the global food crisis. In
financed by FirstBank
CBN’s Code of Corporate Governance for recognition of these facts, FirstBank’s total
banks and this was aptly attested to by loan portfolio in agricultural financing Durante Industries Limited deal in table fish,
the report of the external consultants on attained an all-time peak of N7.1 billion fish seeds and fish feeds production as well
the appraisal of our compliance level with during the financial year. as extensive cash crop farming and cattle
breeding. They revolutionised fish farming
the code.
in the country by introducing high-quality
fish seeds, high-quality floating and sinking
feeds, construction and installation of water
recycling rearing systems. They own a six
hundred acre farm complex in Oyo and
have been an account with the Bank for over
four years.

40 Business Review
THE BANK
FirstBank’s suite of financial solutions for 8 Recognition and Awards

N200 billion the agricultural sector enjoyed a dominant
presence in the industry in terms of
Befitting the scale of its operations, the
FirstBank is one of two participating Bank continued to clinch awards in the
agricultural financing. Building on this
banks in a N200 billion multi-tenor federal review period. The most notable of these
success, two additional products were
government bond scheme to make credit are awards from The Nigerian Stock
introduced in the review period. They are
available to the agricultural sector. Exchange: the 31st Annual President’s
Farm Machinery and Equipment Finance
Merit Award for the 2007 Financial Year;
Scheme (FirstTRAC Partnership Scheme)
the NSE Award of Excellence Certificate as
which was designed to complement
The Quoted Company of the Year 2007;
the federal government’s policy on farm
and the NSE Merit Award – Certificate of
mechanisation, and the National Agro
Merit in the Banking/Investment Sector for
Dealer Support Scheme designed to
the best presentation, quality and depth
upgrade private sector capacity in agro-
of the Bank’s Annual Report and Accounts
input procurement and distribution.
for the year 2007. These awards attest to
In order to complement government’s the Bank’s commitment to best-in-class
efforts at generating employment and corporate governance practice, which
creating communities where Nigerian has seen it attain levels of disclosure and
youths interested in agriculture may live and transparency at par with globally accepted
work together on individual farm projects, standards.
the FirstBank Farm Settlement Scheme was
Other awards confirming the strength of
deployed during the financial year. The pilot
the Bank’s franchise include the Best Bank
phase was implemented in collaboration
– Nigeria award, the Best Trade Finance
with the Ogun State government, and other
Bank in Nigeria 2008, and the Best Foreign
state governments have indicated their
Exchange Bank in Nigeria 2008 given by
interest in the programme. In recognition
Global Finance magazine, based in New
of our invaluable contribution to this sector,
York. In further confirmation of the Bank’s
FirstBank was selected as one of the two
outstanding commitment to its host
participating banks under the proposed
communities, it was honoured with the Lagos
Large Scale Agricultural Credit Scheme
State Ministry of the Environment Merit
(LASACS). The scheme, promoted by the
Award for its Outstanding Contribution to
CBN and the Federal Ministry of Agriculture
the Greening Policy of the State.
and Water Resources, is to be financed from
the proceeds of a N200 billion multi-tenor While these awards may be of immense value
bond to be raised by the Debt Management in themselves, they have further challenged
Office (DMO) on behalf of the apex us to remain socially responsible.
bank. The funds are being disbursed to
participating banks (PBs) for on-lending to
large-scale agricultural enterprises.

41
The Bank 36
9 Strategy To help meet these objectives, the Bank

Our current medium-term corporate
recently embarked on a Transformation
Agenda focused on three key areas. The
Transformation
strategy (2009–2011) aims to restore the We are embarked on a programme to
first is a growth strategy anchored on
Bank to a position of “clear leadership” of restore FirstBank to clear leadership in the
attaining full benefits of scale and scope
the Nigerian financial services industry”, financial services industry.
by accelerating growth and diversification
through a transition in both internal and
of assets, revenue and profit. The second
external perceptions of what it means to be
area is operational excellence, focused on
the “First”. Of late, this adjective has come
achieving unparalleled service levels by
to be strongly identified with the Bank’s
developing world class institutional process,
legacy. Whereas we have every reason to be
systems, and capabilities. The third area is
proud of a legacy that goes back more than
performance management, ensuring the
a century, and has seen us play critical roles
delivery of unmatched results by creating
in support of the country’s development, the
a performance culture with clear individual
value proposition to which our efforts are to
accountability at all levels. Ultimately,
be directed is one that sees FirstBank as the
strategic success will depend on how well
leader in terms of:
we can deploy the Bank’s:
• Total returns to shareholders;
•B
alance sheet strength, strong liquidity/
• High service levels, values, and stability cash position;
to customers;
•W
ide branch network and strong retail
• Attractiveness as an employer; market share;
• In compliance with the laws and regulatory • Broad range of institutional relationships;
requirements; and
• Strong faith in our institution from its over
• Contribution to national development. one million equity market investors;
The challenges depicted by our corporate • Good strategic non-African branch/
aspiration are of a domestic and international representative office locations; and
variety, requiring the Bank to regularly
• Strong reputation as large, stable, trusted.
benchmark against industry best practices
and challenge assumptions in order to
increase the speed of the Bank’s response to
changes in the market’s lead buyer values.
The benchmarks agreed around our current
strategy include achieving industry leadership
in total assets, achieving consistently high
returns on assets, maintaining cost-to-
income and non-performing loan/total loan
ratios below industry average, and finally,
to obtain top three rating in the most
authoritative annual customer ranking survey
in the country.

42 Business Review

43
The Bank 36
1 The Essence 2 Education and Youth Our Brand Pillars

Development
Long before such activities became popularly
known as Corporate Social Responsibility The advancement of education and youth
LEADERSHIP
(CSR) and long before it became essential development has continued to receive ample Responsibly managed companies
for companies to engage in CSR as part attention in the Bank’s CSR initiatives. These tend to be more sustainable over
of their brand building agenda, First Bank include the FirstBank Annual Undergraduate the long term. But sustainable
of Nigeria Plc had been making regular, Essay Competition for students in all growth is not simply a by-product
substantial contributions to the wellbeing universities and polytechnics in Nigeria of effective risk management – it
of grassroots communities and Nigerians. and the Annual Secondary School Quiz also comes from being a good
Competition. In 2008, the Bank increased corporate citizen. At FirstBank
FirstBank’s CSR strategy reflects our we firmly believe in playing
the prizes. Notably, the top three winners
commitment to being socially, economically, our part in society, especially by
of the Essay Competition were offered
and culturally responsible. With a resolve contributing to the development
automatic employment by the Bank upon
to provide sustainable solutions to the of Africa where we have
graduation. Both competitions are long-
diverse developmental challenges that our roots.
lasting initiatives to promote intellectual
Nigerians encounter on various fronts, the
development through healthy academic
Bank pursues constructive engagements
competition among secondary and tertiary
and mutual partnerships with the recipient
school students nationwide.
stakeholders, through a user-defined needs
identification system. Another key component of the Bank’s
intervention in education is University
FirstBank’s CSR is accentuated by our
Endowments. The total value of
sustained aspiration to lead the industry
the FirstBank Universities Endowment
by example not just in the provision of the
in 15 federal universities now stands at
best products, services and developmental
over N350 million. These endowments
assistance for promoting the individual and
were boosted with strategic projects
common good, but also in maintaining the
which include:
highest standards of corporate governance,
accountability and responsiveness to our • commitment of N50 million to
internal and external stakeholders. the construction of the Faculty of
Social Science Building, University of
Through our CSR initiatives, we provide
Port Harcourt;
targeted support for education and youth
development, grassroots sports • N28.7 million for the construction of a
development, healthcare, arts and culture, Lecture Hall at the Federal University of
entrepreneurial and economic development, Technology, Minna;
as well as sustainability of the environment.
•N 38.4 million expended so far on the
construction of a 500-seater Lecture
Theatre at Obafemi Awolowo University,
Ile-Ife; and
• a nother N3.4 million released as final
payment for the construction of the School
of Dentistry Building in the University of
Nigeria Teaching Hospital, which cost a Faculty of Social Science Building,
total of N55 million. Obafemi Awolowo University, Ile-Ife
This new Faculty of Social Science Building,
Obafemi Awolowo University, Ile-Ife, was
constructed under the FirstBank Universities
Endowment strategic projects initiative,
to provide much needed infrastructure in
Nigerian universities.

44 Business Review
CORPORATE SOCIAL
RESPONSIBILITY
The Bank provided N24.6 million for the 3 Health and Welfare
Targeted support construction of the administrative block of
Loyola Jesuit Memorial College Port Harcourt
Development
FirstBank’s CSR initiatives focus on In 2008, N50 million was donated to

and N10 million to support the construction
development in priority areas, including Lagos State Government towards building
of the Biomedical Research Centre of
education, health and welfare. a medical centre for the people of Lagos,
Babcock University, Ilisan Remo. In promoting
N14 million for the Free Eye Camp of the
intellectual discourse amongst the youth,
Zakkah and Husbi Commission, Kano State,
the Nigeria Leadership Initiative received
N7.5 million for an ambulance bus donated
N23.8 million for its 2008 NLI Future Leaders
to the University College Hospital, Ibadan,
Seminar & Award Dinner, N10 million for
N1.4 million for the celebration of World
the Bank’s partnership with Students In Free
Day for Safety & Health at Work 2008
Enterprise (SIFE), N5 million for the SIFE
organised by Federal Ministry of Labour &
Nigeria’s delegation to the Students In Free
Productivity, N1.8 million contributed to
Enterprise (SIFE) World Cup 2008 in
the sponsorship of the 2009 Conference of
Singapore, and N6 million sponsorship of the
the Paediatric Association of Nigeria, and
Centenary Lecture of King’s College Lagos.
N1 million towards the construction of the
Also, in the last financial year the Bank Officers Quarters and Clinic of the Mobile
initiated the process for recruiting executive Police Force.
trainees, through which hundreds of
Support was also provided for the annual
fresh graduates are employed annually as
celebrations of the Sickle Cell Club, Lagos
part of its programme to promote youth
Chapter, the Veterans Walk for Peace
development. In this vein, FirstBank stands
organised by Nigerian Legion, the Autism
out as probably the biggest employer of this
Awareness Day Celebration & Defeat Autism
genre of employees in the country.
in Nigeria Project Launch organised by OLG
Health Foundation & Autism Centre Port
Harcourt, the Year 2008 Disability Week
organised by National Handicap Carers
Association of Nigeria, the NDLEA Officers
Memorial Fund and Red Ribbon under the
auspices of Partnership for a Drug Free
Nigeria, the African Refugees Foundation
and the Association of Resident Doctors
2008 Orthopaedic Week.
Support for Health and Welfare

Eileen Hopkins and Heidi Al-Askary, facilitators
from the United Kingdom, at a training
workshop on Understanding Children on the
Autism Spectrum, sponsored in Abuja and
Lagos by Zamarr Institute with sponsorship
from FirstBank.

45
The Bank 36
4 Sports Development 5 Arts and Culture

Sports development continues to be a FirstBank provided support for the Sports
flagship focus area in the Bank’s CSR strategy,
with a reported commitment of N91.2
advancement of African cultural heritage
through the provision of N150 million for
sponsorship
Among the many deserving cases
million for the construction of the NUGA the Cross River State Christmas Carnival,
supported this year is Folawiyo Jinadu
VIP Centre, University of Nigeria Nsukka N15 million for the Royal Durbar Event of
Adisa, a physically challenged badminton
for the university’s successful hosting of the Abuja Carnival, N8.6 million for the player sponsored by FirstBank to
the Nigeria University Games (NUGA 2008) Maiden edition of Omen’Igbo, a Pan-Igbo compete abroad.
in December 2008, reputed to be the best Tourism and Cultural Fiesta, N5 million for
NUGA Games so far, N20 million to Kaduna the construction of the Owa-Obokun Palace,
State Government in support of its hosting and N2.5 million for Iloko-Ijesha Town Hall
of the 2008 National Sports Festival, and N2 Youth Development Centre. The Bank also
million to the Abia State contingent to the provided support to the Zuma Film Festival,
same Festival. the Otuide Cultural/Musical Fiesta, the EEBI
Epe Festival 2009, the University of Lagos
The Bank also kept up its traditional
Africaribbean Festival and the Cultural
tournament sponsorships. The 47th
Week of St. Gregory’s College, Ikoyi, all in
Lagos Amateur Open Golf Championship
the noble bid to promote our Nigerian and
organised by the Golf Section of Ikoyi Club
African-orientated cultural heritage.
1938 was sponsored for N18.6 million,
sponsorship and maintenance of Hole Nine
at Ikoyi Club Golf Course for N1.2 million,
the Georgian Cup of the Kaduna Polo Club
for N6 million, and the Dala Hard Court
Tennis Championship for N5.8 million. There
was also support for the 1st U-16 Emeka
Anyaoku Cup Final/Closing Ceremony
and Fund Raising for Mini Stadium, the J.
K. Randle Swimming Competition, and
the Lagos Country Club’s Kiddies/Children
Sports Festival.
Under the auspices of the King’s College Lagos
Old Boys Association, there was support
for the school’s 88th Annual Interhouse
Athletics Competition and the 16th Annual
Interhouse Athletics Competition of St.
Saviour’s Schools Lagos. Folawiyo Jinadu
Adisa, a physically challenged athlete, also
received sponsorship to participate in the
All England Open Badminton and German
International Tournaments.
Support for Education and Youth

Development
The top three winners in the 2008 FirstBank
Annual Undergraduate Essay Competition
with Mr. J. M. Ajekigbe, the Bank’s former
MD/CE (first right) and Lt.-Gen. Garba Duba
(rtd.), a Director of the Bank.

46 Business Review
CORPORATE SOCIAL
RESPONSIBILITY
6 Entrepreneurship and The development of professional bodies also

Partnership Economic Development benefited from this field of sponsorships,
with N7.5 million for the 38th Annual
We work with a broad range of partners The promotion of entrepreneurship,
Accountants Conference organised by
in order to direct our sponsorship funds professional, corporate and national
the Institute of Chartered Accountants
towards those most in need. economic development featured
of Nigeria, N6.5 million for the ELAN 6th
significantly in our CSR scheme, with
National Leasing Conference organised
N34.2 million to the Nigerian Economic
by the Equipment Leasing Association of
Summit Group for the Nigerian Economic
Nigeria, N5.6 million for the Institute of
Summit, N25 million for the Investors
Directors Nigeria 2008 Annual Fellows
Road Show of Nigerian Gas Masterplan
Evening, N5.3 million for the Corporate
Infrastructure Blueprint in London and
Nigeria 2009 organised by Corporate
Singapore organised by Nigerian National
Guides, N3 million for the 40th Annual
Petroleum Corporation, N25 million for the
Conference of the Chartered Institute of
South-South Economic Summit, N20 million
Personnel Management, and N1 million
for the maiden edition of Nigeria CEO Forum
for the 2nd National Forum of the National
organised by BusinessDay Newspapers
Institute of Marketing of Nigeria.
with Global Management Consultants
and McKinsey & Co, N11.8 million to the Ample support was also extended to the
Nigerian Investment Promotion Commission 2nd Leg Women Bankers Forum organised
for the sponsorship of a Business Investment by Association of Women Bankers of
Forum in Brazil, and N11.6 million to the Nigeria, the Honorary International Investors
World Economic Forum for sponsorship of Council Meeting by Nigerian Investment
the World Economic Forum Summit. Promotion Council, the Annual General
Scientific Meeting organised by Medical
The Seminar on Trade Capacity Building
Women Association of Nigeria, the Annual
Programme on Exporting to the United
Public Lecture of NIPR 19th AGM/PR Week
States: AGOA and Beyond was sponsored
2008, the International Conference of
with N11.1 million, the 14th Lagos Economic
Independent Shareholders Association,
Summit N5 million, the International
the African Energy Forum 2008 by Lagos
Business Conference of Foreign Investment
Chamber of Commerce & Industry, the
Network N10.5 million, the International
annual entrepreneurial award of Fate
Conference on Food Security N10 million,
Foundation, the Renewal of Partnership for
the Nigerian Infrastructure Summit
Business Leadership Programme organised
N10 million, the 2008 Gateway Trade Fair,
by Leap Africa, and the International
Abeokuta N3 million, the 4th Economist
Conference on Good Governance and
Conference by the Economist Magazine
Sustainable Democracy in Nigeria.
N4.6 million, and the Third Annual
Opportunity Nigeria Investment Conference
organised by Nigerian British Chamber of
Commerce N2.5 million.
Support for Sports Development

Ultramodern VIP/Senior Staff Club Centre
at The University of Nigeria Nsukka (UNN),
donated by FirstBank for the hosting of
the Nigeria University Games by UNN in
December 2008.

47
The Bank 36
7 EnvironmentAL Sustainability
The Bank provided in recognition of the Grassroots
need for adequate security and an enabling With a presence in many locations in the
environment for economic progress, country, FirstBank combines grassroots
N20 million for the People Police Marathon understanding and a global perspective.
– Race Against Crime, N5.9 million for five Both are vital in contributing to the
officers of the Nigeria Police to attend the nation’s development.
115th Conference of Police Chiefs, and
N1.3 million for sponsorship of the First
National Conference on Cybercrime.
Also, the Bank provided five patrol vans
worth N16.8 million to the Anambra
State Government, three patrol vans
valued at N12.8 million to the Enugu State
Government and five patrol vans worth
N17.5 million for the Imo State Government
security initiative.
The cause of environment sustainability
also continued to receive the Bank’s
attention, with the donation of
N9 million to the Lagos Millennium Group
on the Environment (LIMGE) in support
of the Lagos Central Business District
Rebirth Agenda programme, additional
N4.1 million to sustaining the beautification
and landscaping project of the Costain
Roundabout in Lagos to which the Bank has
been committed for a while, N1million for
the Physical Planning & Urban Development
of Lagos State, as well support for the 2008
World Habitat Day celebrations.
The additional sponsorships and donations
made during the period under review are
contained in the table within the Report of
the Directors on page 77.
Support for Beautification of the

Environment
The Costain Roundabout Beautification
initiative, an environmental sustainability
project of FirstBank.

48 Business Review

49
The Bank 36
KEY PERFORMANCE INDICATORS
2009 2008 2007 2006 1 The percentage increase in net operating income
before loan impairment and other credit risk charges
Group Bank Group Bank Group Bank Group Bank
since the previous year.
% % % % % % % %
2 As a percentage of net operating income before loan
1 Net operating income growth 31.6 32.3 70.5 64.0 26.8 23.5 17.9 22.6 impairment charges and other credit risk provisions.
2 Net operating income mix 3 Interest expense, operating expenses and other credit
Net interest income 62.4 60.7 55.7 53.1 47.8 45.7 53.5 55.1 risk charges divided by net operating income before
Net fee and commission income 20.8 20.3 22.9 21.6 28.8 27.7 30.4 30.5 loan impairment and other credit risk charges.
Other income 16.8 19.0 21.5 25.3 23.4 26.6 16.1 14.4 4 Net operating income divided by average risk-
3 Cost to income 66.8 67.4 63.7 64.5 71.6 72.1 73.1 73.7 weighted assets.
5 Profit attributable to ordinary shareholders divided
4 Credit performance as measured
by invested capital.
by risk adjusted margin 10.7 12.0 13.8 15.5 16.4 16.4 18.8 17.5
6 The percentage increase in dividends per share since
5 Return on shareholders’ equity 3.7 9.9 10.4 8.9 22.0 21.0 24.0 24.0 the previous year, based on the dividends paid in
6 Dividends per share growth 0.0 12.5 0.0 20.0 0.0 0.0 (37.5) (37.5) respect of the year to which the dividend relates.
7 Basic earnings per ordinary 7 Basic earnings per ordinary share is defined in Note
34 of the Financial Statements.
share – reported (N) 0.74 1.65 2.67 2.23 1.78 1.56 3.33 3.06
1 Introduction restrict the type or volume of transactions the risk of consequences arising from the
it may enter into, limit its subsidiaries’ and failure to comply with procedures required
The FirstBank Group and affiliates are
affiliates’ ability to declare dividends to by tax authorities. Failure to manage tax
subject to extensive and increasing
FirstBank, or set limits on or require the risks could lead to increased tax charges,
regulation, accounting standards and
modification of rates or fees that the Bank including financial or operating penalties,
interpretations thereof, and legislation in
charges on certain loans or other products. for non-compliance as required by the law.
the various countries in which the Group
operates. From time to time, new laws The Bank may also face increased The Board of Directors and the Group
are introduced, including tax, consumer compliance costs and limitations on its Management Committee measure the
protection, privacy and other legislation, ability to pursue business opportunities. Group’s progress against its strategic
which affect the operating environment in Separately, the Basel II Accord’s requirement objectives. Progress is assessed by
which the Group operates. As a result of for financial institutions to increase their comparison with the Group’s strategy, its
the recent interventions by governments capital in response to deteriorating market operating plan targets and its historical
in response to global economic conditions, conditions may have secondary effects on performance using both financial and non-
for instance, it is widely expected that there lending, which could exacerbate the current financial measures.
will be a significant review of government market downturn. These measures, alone
As a prerequisite for the vesting of
regulation such as the imposition of higher or in combination, could have an adverse
Performance Shares, the Board Governance
capital requirements and restrictions on effect on its operations.
Committee must satisfy itself that FirstBank
certain types of transaction structure to
The Bank is currently subject to tax-related Group’s financial performance has shown
engender stronger but effective supervision
risks in the countries where it operates, sustained improvement in the period since
of the financial services industry.
which could have an adverse effect on its the award date. In determining this, the
If enacted, such new regulations might operating results. Board Governance Committee will take
compel the Bank to inject fresh capital into account of all relevant factors, particularly
A number of double taxation agreements
its operations and those of its subsidiaries comparisons against peer group with regard
entered into between countries also affect
and affiliates. The development might to the financial key performance indicators
the taxation of the Group. Tax risk is the
require the Bank to enter into business (KPIs) described below.
risk associated with changes in tax law
transactions that are not otherwise part of
or in the interpretation of tax law. It also
its current Group strategy, prevent the Bank
includes the risk of changes in tax rates and
from continuing current lines of operations,

50 Business Review
KEY PERFORMANCE
INDICATORS
2 Financial KPIs keen competition for skills as well as

12.5% increase To support the Group’s strategy and
higher administrative and general expenses
reflecting the inflationary environment.
in total dividend per share for 2009. ensure that the Bank’s performance can be
monitored, management utilises a number 2.4 Credit Performance
of financial KPIs. The table on the previous Credit performance, as measured by risk-
page presents these KPIs for the period up till adjusted margin, is an important gauge
March 2009. At a business level, the KPIs are for assessing whether credit is correctly
complemented by a range of benchmarks priced so that the returns available after
which are relevant to the planning process recognising impairment charges meet the
and to reviewing business performance. Group’s required return parameters. The
FirstBank has a number of key targets ratio for 2009 was 10.7% for the Group
against which future performance can be (2008: 13.8%) as loan impairment charges
measured (see table, previous page). rose at a faster rate than income on higher
average risk-weighted assets.
2.1 Net Operating Income Growth
Net operating income growth provides an 2.5 Shareholder Returns
important guide to the Group’s success in The Bank aims to deliver sustained dividend
generating business. In 2009, the Bank’s per share growth for its shareholders. The
total net operating income grew by total dividend for 2009, based on the year
32.3% to N143.3 billion (Group 31.6% to to which the dividends relate (rather than
N163.4 billion), reflecting the resilience of when they were paid), amounts to N1.35k,
FirstBank’s income-generating capabilities an increase of 12.5% over the preceding
in these exceptionally turbulent economic year (2008: N1.20).
circumstances.
Return on shareholders’ equity measures
2.2 Net Operating Income Mix the return on shareholders’ investment in
Net operating income mix represents the the business. This enables management
relative distribution of revenue streams to benchmark Group performance against
between net interest income, net fee and competitors and its own targets. In 2009,
commission income and other income. It is the ratio was 3.73% lower than the 10.4%
used to understand how changing economic achieved in 2008 – a substantial part of
factors affect the Group, to highlight which relates to risk assets impairment
dependence on balance sheet utilisation for recognition.
income generation and to indicate success in
Total Shareholder Return (TSR) is used as
cross-selling fee-based services to customers
a method of assessing the overall return
with loan facilities. This understanding
to shareholders on their investment in
assists the Bank’s management in making
FirstBank, and this is defined as the growth
business investment decisions. Comparison
in share value and declared dividend
of the revenue mix between 2006 and
income during the relevant period. TSR is
2009 shows a downward trend of the other
a key performance measure in rewarding
The bagging section of IRS Rice Mills income component.
employees. In calculating TSR, dividend
Company Kano, financed by FirstBank
2.3 Cost to Income income is assumed to be invested in the
The project was conceived and executed Cost to income is a relative measure that underlying shares. The TSR benchmark is an
by the prime mover Khalifah Sheikh Isiyaku indicates the consumption of resources in index set for the purpose of comparison with
Rabiu, Group Chairman of IRS Group, generating revenue. Management uses this the performance of a group of competitor
who has had an account relationship with
to assess the success of technology utilisation banks, which reflects the Bank’s range and
the Bank for over 57 years. The Bank is
and, more generally, the productivity of the breadth of activities. The Bank aims to be in
providing working capital requirement of
over N3 billion for the importation of brown Group’s distribution platforms and sales the top quartile of this index.
rice and procurement of paddy rice for forces. There has been a consistent effort to
Management believes that financial KPIs
processing to parboiled and polished rice reduce this ratio.
must remain relevant to the business even
of international standard.
The Group’s cost-to-income ratio rose to though they may change over time to
66.8% (2008: 63.7%). This was driven reflect changes in the Group’s composition
predominantly by rising wage cost on and the strategies employed.

51
The Bank 36
3 non-financial kpis In the 2008/09 KPMG survey, the Bank was Our Strategic Priorities
ranked 16 out of 23 banks. While some level
FirstBank has chosen four non-financial KPIs
of improvement has been achieved from PERFORMANCE
which are important to the future success
the previous survey, service excellence and MANAGEMENT
of the Group in delivering its strategic
objectives. These non-financial KPIs are
improving customer experience remain key AND PEOPLE
to sustaining leadership within the industry. Creating a performance culture
currently reported internally within the
The Bank aims to be in the top quartile of with clear individual accountability
Bank, and not on a Group basis.
this index in the next few years. at all levels is a sure route to
3.1 Employee Engagement delivering unmatched results and
To meet this objective, the Bank has recently
Employee engagement is a measure providing enhanced shareholder
created the Corporate Transformation
of employees’ emotional and rational value.
Office, charged with, amongst other
attachment to the Bank. It is critical to
things, improving customers’ experience at
the long-term success of the Group and,
the branch level by creating a world-class
as such, an employee engagement target
environment backed by excellent service.
was included in the 2008 objectives for
Group Executives. 3.4 IT Performance and Systems
Reliability
The Group Employee Engagement
FirstBank tracks two key measures as
Index score for 2009 was 2.9 as against
indicators of IT performance. They are
the targeted 3.3 and this is considered
the number of customer transactions
satisfactory as the Group achieved 87.9%
processed and the reliability and resilience
of its target.
of systems measured in terms of service
In 2008, the Bank conducted an availability targets.
Internal Customer Satisfaction Survey
The number of customer transactions
of its permanent workforce. The 2008
processed reflects the dependency on IT in
participation rate of 93% improved on the
the delivery channels that customers use
2007 figure of 88%, which was already
to interact with the Bank. Monitoring the
around the highest in the industry.
volumes by channel enables the Group to
3.2 Brand Perception allocate resources appropriately. To improve
In order to manage the FirstBank brand efficiency, the Bank aims to manage the
most effectively, the Group tracks brand rate of increase in IT transaction processing
health amongst personal financial services costs to below the volume increase.
and commercial banking customers in
FirstBank’s IT function establishes with
each of the Bank’s major markets. The
its end-users service levels for systems
survey is conducted on a consistent basis
performance, such as systems running
by accredited, independent, third-party
99.9% of the time or card authorisations
organisations. A weighted scorecard of
within two seconds. It also monitors the
brand measures produces an overall score
achievement of each of these commitments.
for each market on a 100-point scale, which
is then benchmarked against that of main Cross-section of the 108 on-growing
competitors. The scores from each market tanks at West Farms Limited, Ibeju Lekki,
are then weighted according to the risk- Lagos, financed by First Bank
adjusted revenues in that market to obtain Conveniently located on the Lekki-Epe
the overall Group score. Expressway in Lagos, West Farm is currently
the largest recirculation catfish farm in Nigeria,
3.3 Customer Satisfaction
with annual production capacity of 1,600 tons
Customer recommendation is an important of table-size catfish and 2.8 million fingerlings.
driver of business growth for the Bank, The company has successfully built business
which in turn uses a consistent measure alliances which ensure that West Farms is
of customer recommendation around the always in tune with current practices in the
world to improve on the services being global aquaculture industry.
provided by the Group. This measurement
is carried out by accredited, independent,
third-party organisations and the resulting
recommendation scores are benchmarked
against competitors.
52 Business Review

53
The Bank 36
1 Director’s Report – Despite these challenges, FirstBank has Our Strategic Priorities
INTRODUCTION continued to support economic growth by
making both short and long term facilities OPERATIONAL
In the year just concluded, First Bank of
Nigeria Plc continued to make progress
available to start-up companies with EXCELLENCE
good business plans and to infrastructure
against the goal we set for ourselves – to Turbulent global economic
development projects. We continue to
set the pace in corporate governance by conditions demand we pay even
be concerned about the inability of the
ensuring that the level of risk management greater attention to steering a
system to provide adequate independent
disclosure in the published financial steady ship. At FirstBank, we are
information with which to make credit
statements moves towards international dedicated to developing world-
assessments and limited disclosures
best practices. class institutional processes,
by banking institutions, both of which
systems and capabilities so we
This level of disclosure is not at present a constitute significant sources of risk. A
can seize competitive advantage
requirement of the Nigerian Accounting substantial portion of the liquidity in
and deliver an exceptional
Standards Board, the Central Bank of the system is absorbed by government
customer experience.
Nigeria, the Nigerian Stock Exchange, the securities or direct and indirect inter-bank
Securities and Exchange Commission or exposures as opposed to the economic
any other regulatory body in the country. drivers – manufacturing and agriculture.
However, the Board of Directors of FirstBank This is largely due to the fact that most of
took a voluntary decision to move disclosure the asset growth in the banking industry
practices towards international standards, is not backed by detailed information on
borrowing from the guidelines of Pillar 3 of the obligors and as such tends towards the
the New Capital Accord (Basel II). We aim to shorter end of the spectrum. The licensing
continue to enhance the level and quality of of credit bureaux is thus a welcome
disclosures year on year. development and we look to further
regulatory support for these initiatives.
The operating environment continues to
pose challenges for risk management. The collapse of the capital markets during
The impact of the increased capitalisation the year under review and the exposure of
levels of the Bank and of our competitors the banking industry to that sector have
continues to drive competition for both constituted a systemic crisis arising from
assets and liabilities, particularly in the the lack of disclosure and appropriate
wholesale segment with a resultant provisioning by some of the banks, which
pressure on interest margins. The effect of caused a crisis of confidence within the
reduced interest margin was mitigated in industry. FirstBank, however, can assert that
part by continuing growth in risk assets. all capital market exposures in the Group
FirstBank’s portfolio growth – at 55.3% – have been fully provided for in accordance
is slower than in the preceding year and with the Prudential Guidelines and marked
is reflective of growth levels within the to market in those subsidiaries in which
industry as a whole. It remains, however, an proprietary trading took place.
area of intense focus for both Management
In the light of the global economic crisis,
and the Board given the absolute amount
exposures to the downstream oil sector
and the increasing concentration deriving
and to unstructured middle market names
from the current economic challenges. Our
– about many of whom there is insufficient
approach has continued to be one of taking
information – may be further sources of
large exposures only in low-risk transactions
systemic risks if not properly managed.
while growing a structured, granular and
Economic growth slowed down due to global
diversified retail portfolio to take advantage
economic shocks and the tumbling price of
of higher margins.
oil – the key revenue driver for the country.

54 Business Review
RISK MANAGEMENT DISCLOSURE
Our Strategic Priorities In the latter part of FirstBank’s financial year, In what follows, we present details of our
the naira depreciated sharply against the enterprise risk management framework,
GROWTH major currencies with its attendant impact as well as highlights of key areas (credit,
At FirstBank, we have clear
on the economy. The major bottlenecks – operational, market, liquidity and legal risks).
strategies and are driving key,
energy (including power), infrastructure, The purpose is to give a clear view of the
cross-functional initiatives to
security and the Niger Delta crisis remained. major risks we believe are faced by the Bank
translate our aspirations into
As the government addresses these and the role of the Board and Management
reality. We are firmly focused on
issues, further opportunities open up in in managing these risks. We have tried to
the future and our goal to be the
infrastructure financing, specialised loans strike a balance between providing useful
bank of first choice for all our
in the power/oil and gas sectors and real information that enhances transparency
stakeholders.
estate development. These are for us growth and our responsibility to protect customer
areas which we have been consolidating and counterparty information/data.
in the past year. We remain open to the
The level of disclosures in this report is in line
opportunities in alternative assets such as
with the tradition we have set for ourselves
private equity and venture capital and are
as well as FirstBank.
building strong risk management structures
around those members of the Group that
will be responsible for the origination and
management of these transactions.
The general security situation has been a
source of operational risk as we have seen Remi Odunlami
an increase in the rate of armed robbery Chief Risk Officer
on banks, often leading to loss of life in
addition to theft and damage to property.
The increased reliance on technology
and deployment of ATMs, cards and card
products, etc and the attendant risk of fraud
therein have also increased the importance
of information security.
Market risk is limited due to the very
simple character of many products.
However, foreign exchange denominated
transactions, especially when conducted in
currencies other than US dollars, have had
to be closely watched and managed, given
the turmoil which affected the US and other
international markets. Market risk sources
in the banking and trading books are clearly
identified, mitigated and monitored.

55
The Bank 36
2 ENTERPRISE RISK MANAGEMENT and reputation of the Bank are not jeopardised 2.3.3 Losses due to frauds and operational
FRAMEWORK while expanding the Bank’s market share; lapses are pegged at a maximum of a
specified percentage of gross earnings
2.1 Risk Management Philosophy 2.2.2 The responsibility for risk management
and in any case must be lower than the
The key elements of the Bank’s risk in the Bank is fully vested in the Board of
industry average.
management philosophy are the following: Directors which in turn delegates such to
Senior Management; 2.3.4 Financial and Prudential ratios targets
2.1.1 The Bank considers sound risk
are pegged at a level more conservative than
management to be the foundation of a long 2.2.3 The Bank pays attention to both
regulatory requirements and better than the
lasting financial institution; quantifiable and unquantifiable risks;
average of benchmark banks. These include
2.1.2 The Bank continues to adopt a 2.2.4 The Bank’s Management promotes liquidity ratios, deposit concentration limits
holistic and integrated approach to risk awareness of risk and risk management and open position limits.
management and, therefore, brings all risks across the Bank;
2.3.5 The Bank aims at minimising the
together under one or a limited number of
2.2.5 The Bank avoids products, markets and following independent indicators of excessive
oversight functions;
businesses where it cannot objectively assess appetite for risk:
2.1.3 Risk officers are empowered to perform and manage the associated risks.
i. Exception reporting by internal control
their duties professionally and independently
2.3 Risk Appetite officers, auditors, regulators and external
without undue interference;
The Bank’s risk appetite is set by the Board of rating agencies;
2.1.4 Risk management is governed by Directors annually, at a level that minimises
ii. Adverse publicity in local and international
well defined policies which are clearly erosion of earnings or capital due to avoidable
press;
communicated across the Bank; losses in the banking and trading books or
from frauds and operational inefficiencies. iii. Frequent litigations;
2.1.5 Risk management is a shared
responsibility. Therefore, the Bank aims to The Bank’s appetite for risk is governed by iv. Payment of fines and other regulatory
build a shared perspective on risks that is the following: penalties; and
grounded in consensus;
2.3.1 High quality risk assets measured by the v. Above average level of staff and customer
2.1.6 The Bank’s risk management following three key performance indicators: attrition.
governance structure is clearly defined;
i. Ratio of non-performing loans to 2.3.6 The Bank will not compromise its
2.1.7 There is clear segregation of duties total loans; reputation through unethical, illegal and
between market facing business units and unprofessional conduct. The Bank also
ii. Ratio of loan loss expenses to interest
risk management functions; maintains zero appetite for association with
revenue; and
disreputable individuals and entities.
2.1.8 Risk-related issues are taken into
iii. Ratio of loan loss provision to gross non-
consideration in all business decisions. The 2.4 Risk Oversight
performing loans.
Bank shall continue to strive to maintain The Bank’s Risk Management Directorate
a conservative balance between risk and The broad objective is to be among the top (“the Directorate”) provides a central
revenue considerations; three banks with respect to (i) and (ii) above oversight of risk management across the
and maintain a ratio of not less than 100% Bank and its subsidiaries to ensure that the
2.1.9 Risks are reported openly and fully to the
on (iii). full spectrum of risks facing the Bank and
appropriate levels once they are identified;
the Group are properly identified, measured,
2.3.2 Diversification targets are set for the
2.1.10 Risk officers work as allies and thought monitored and controlled to minimise adverse
Credit Portfolio and limits are also set for
partners to other stakeholders within and outcomes. The Directorate is, however,
aggregate large exposures.
outside the Bank and are guided in the complemented by other departments in the
exercise of their powers by a deep sense of management of certain important risks as
responsibility, professionalism and respect for illustrated below:
other parties;
Risk Management Responsibilities and Functions
2.1.11 All subsidiaries are guided by the
Risk Management Financial & Management Control Strategy
principles enshrined in the risk management
policies of the Bank. • Credit Risk • Internal Control • Strategic Risk
• Operational Risk • Financial Control • Reputational Risk
2.2 Risk Culture
• Information Security • Compliance
2.2.1 The Board and Management
consciously promote a responsible approach • Market and Liquidity Risk
to risk and ensure that the long-term survival • Legal Risk

56 Business Review
RISK MANAGEMENT GOVERNANCE FRAMEWORK
BOARD OF DIRECTORS
BOARD AUDIT AND RISK

BOARD CREDIT COMMITTEE ASSESSMENT
GMD/EXCO CREDIT GMD/EXCO/ALCO
INTERNAL AUDIT
ED/CRO
The Risk Management Directorate iv. Ensure that management maintains an v. Ensure that detailed policies and
coordinates the monitoring and reporting appropriate system of internal control procedures for credit risk exposure
of all risks across the Bank. The Directorate and review its effectiveness; creation, management and recovery are
is headed by the Chief Risk Officer, who is in place; and
v. Ensure risk strategy reflects the Bank’s
also an Executive Director.
tolerance for risk; vi. Appoint Credit Officers and delegate
Internal Control Division performs first level approval authorities to individuals
vi. Review and approve changes/
and continuous independent verification/ and committees.
amendments to the risk management
testing of control measures put in place to
framework; 2.6.3 Board Committees
manage all risks across the Bank.
vii. Review and approve risk management The above responsibilities of the Board of
Without prejudice to the above, Internal
procedures and control for new products Directors are discharged primarily by two
Audit has the responsibility of auditing the
and activities; and committees of the Board namely:
risk management function to ensure that all
units charged with risk management perform viii. Periodically receive risk reports from i. Board Credit Committee
their roles effectively on a continuous basis. the Management highlighting key risk
ii. Board Audit and Risk Assessment
Internal Audit also tests the adequacy of areas, control failures and remedial
Committee
internal controls and makes appropriate action steps taken by the Management.
recommendations where weaknesses This is done at least once every quarter. Without prejudice to the roles of these
are identified. committees, the full Board retains ultimate
2.6.2 Credit Risk
responsibility for risk management.
2.5 Risk Management Governance
i. Approve the Bank’s overall risk tolerance
Framework 2.6.4 Board Audit and Risk Assessment
in relation to credit risk based on
FirstBank’s Risk Management Governance Committee
the recommendation of the Chief
Framework is outlined in the diagram above.
Risk Officer; The primary role of the Committee is to
2.6 Role of the Board of Directors report to the Board and provide appropriate
ii. Ensure that the Bank’s overall credit risk
2.6.1 General recommendations on matters relevant to
exposure is maintained at prudent levels
Risk Management and Internal Audit. The
i. Approve and periodically review risk and consistent with the available capital
Committee is made up of two Executive
strategy and policies; through quarterly review of various
and three Non-Executive Directors, with a
types of credit exposure;
ii. Approve the Bank’s risk appetite Non-Executive Director as Chairman. The
annually and monitor the Bank’s risk iii. Ensure that the Management as well Chief Risk Officer reports to this committee
profile against this appetite; as individuals responsible for credit and is a non-voting member.
risk management possess the requisite
iii. Ensure senior management takes steps 2.6.5 Board Credit Committee
expertise and knowledge to accomplish
necessary to monitor and control risks;
the risk management function; The Board Credit Committee ensures
effective management of credit risk by
iv. Ensure that the Bank implements a
the Bank and its subsidiaries. It is also
sound methodology that facilitates the
responsible for approving the following:
identification, measurement, monitoring
and control of credit risk;

57
The Bank 36
RISK MANAGEMENT DIRECTORATE STRUCTURE
ED/CRO
CREDIT ANALYSIS
& PROCESSING CREDIT RISK MANAGEMENT
CLASSIFIED ASSETS MARKET & LIQUIDITY

MANAGEMENT RISK MANAGEMENT
OPERATIONAL RISK
MANAGEMENT LEGAL SERVICES
INFORMATION SECURITY
i. Credit risk management strategy, iv. Reviewing risk reports on a regular and viii. Ensure compliance with the Bank’s credit
policies and standards; timely basis; and policies and statutory requirements
prescribed by the regulatory/supervisory
ii. Credit products, processes and v. Providing all reports required by
authorities;
approving authorities; the Board and its committees for
the effective performance of risk ix. Approve credit facility requests within
iii. Credit risk appetite and limits; and
management oversight functions. limits defined by FirstBank’s credit policy,
iv. Credit requests above EXCO (Credit) and within the statutory requirements
2.6.7 Executive Management Committee
level, including those going to the full set by the regulatory/supervisory
for Credit Risk (EXCO Credit)
Board as a recommendation. authorities;
It is the responsibility of this Committee to:
This committee is made up of the Managing x. Review and recommend to the Board
Director/Chief Executive, all the Executive i. Establish and maintain an effective risk Credit Committee facilities beyond
Directors and five Non-Executive Directors. management environment in the Bank; Management approval limits;
The Chairman is a Non-Executive Director.
ii. Review proposals in respect of credit xi. Review monthly credit portfolio reports
2.6.6 Executive Committee (EXCO) policies and standards and endorse them and assess portfolio performance;
to the Board of Directors for approval;
For all categories of risk, the Executive xii. Request rapid portfolio reviews or
Committee is responsible for formulating iii. Define the Bank’s risk and return sector/industry reviews from CRM where
policies, monitoring implementation and preferences and target risk portfolio; deemed appropriate; and
reviewing risk reports for presentation
iv. Monitor on an ongoing basis the Bank’s xiii. Approve exceptions/write-offs, waivers
to the Board/Board committees as well
risk quality and performance, review and discounts on non-performing credit
as implementing Board decisions across
periodic credit portfolio reports and facilities within specified limits.
the Bank.
assess portfolio performance;
2.7 Risk Management Directorate (RMD)
The Risk Management Operating Model is
v. Define credit approval framework and – Relationship with other Units
depicted in the chart above.
assign credit approval limits in line with The relationships between the Risk
To be more specific, the Management of the Bank’s policy; Management Directorate and other sections
the Bank is responsible for the following: of the Bank are highlighted below:
vi. Review defined credit product
i. Implementation of risk strategy programmes on recommendation of i. RMD sets policies and defines limits for
approved by the Board of Directors; the Head, Credit Risk Management and other units in the Bank;
endorse to the Board of Directors for
ii. Developing policies and procedures for ii. RMD performs bankwide risk monitoring
approval;
identifying, measuring and controlling and reporting;
risk; vii. Review credit policy changes initiated
iii. Other units provide relevant data to
by the Management of the Bank and
iii. Providing appropriate resources to RMD for risk monitoring and reporting
endorse to the Board of Directors for
evaluate and control risk; and identify potential risks in their line
approval;
of business, while RMD provides a
framework for managing such risks;

58 Business Review
RISK MANAGEMENT DIRECTORATE – RELATIONSHIP WITH OTHER UNITS
RISK
BUSINESS UNITS REGULATORS
COMMITTEES
Business Risk reports and
information and practices
analytics Enquiries
Reporting
and analysis
Risk reports
and practices
Positions and AUDITORS
other information
RISK Enquiries
OPERATIONS MANAGEMENT
Reporting
analysis Risk summary
RATING AGENCIES
Risk report Risk advisory

Audit report
TECHNOLOGY
INTERNAL AUDIT SUPPORT
CLIENTS
iv. RMD and market facing units collaborate In designing credit policies, due consideration 3.3 Credit Risk Management Philosophy
in designing new products; is given to the Bank’s commitment to: The following principles guide credit risk
management across the Bank. The Bank
v. RMD and Internal Audit coordinate i. Create, monitor and manage credit
shall:
activities to provide a holistic view of risk in a manner that complies with all
risks across the Bank; applicable laws and regulations; i. Deliberately manage its risk asset
portfolio to ensure that the risk of
vi. RMD makes recommendations with ii. Identify credit risk in each investment,
excessive concentration to any industry,
respect to capital allocation, pricing and loan or other activity of the Bank;
sector or individual customer is
reward/sanctions based on risk reports;
iii. Utilise appropriate, accurate and timely minimised, as well as ensure portfolio
and
tools to measure credit risk; flexibility and liquidity;
vii. Information Technology support group
iv. Set acceptable risk parameters; ii. Ensure that exposures to any industry
provides relevant user support to the
or customer are determined by the
RMD function in respect of various risk v. Maintain acceptable levels of credit risk
regulatory guidelines, clearly defined
management software, such as credit for existing individual credit exposures;
internal policies, debt service capability
scoring, loss databases, loan origination
vi. Maintain acceptable levels of overall and balance sheet management
and management systems, etc.
credit risk for the Bank’s portfolio; and guidelines;
3 CREDIT RISK MANAGEMENT
vii. Coordinate credit risk management iii. Extend credit to only suitable and well-
3.1 Overview and other risks inherent in the Bank’s identified customers and never where
Credit risk arises when an obligor fails to business activities. there is any doubt as to their ethical
perform its obligations under a trading or standards and record;
3.2 Authority and Responsibility
loan contract or when its ability to perform
Final authority and responsibility for all iv. Never extend credit where the source
such obligations is impaired. It does not only
activities that expose the Bank to credit risk of repayment is unknown or speculative
arise when a borrower defaults on payment
rests with the Board of Directors. The Board, nor where the purpose/destination of
of a loan or settlement but also when its
however, may delegate this authority to the funds is undisclosed;
repayment capability declines (as reflected
Board Credit Committee, the Executive
in a rating downgrade). v. Never take a credit risk where ability of
Committee (Credit), the Chief Risk Officer or
customer to meet obligations is based on
Credit risk arises from activities both on and other officers with credit risk management
the most optimistic forecast of events.
off the balance sheet such as trade finance responsibilities.
Risk considerations shall have priority
and acceptances, inter-bank transactions,
over business and profit considerations;
foreign exchange, swaps, bonds, equities,
options, commitments and guarantees, and
settlement transactions.

59
The Bank 36
vi. Ensure that the primary source of Collections Unit responsible for calling retail 3.5.2(a) Portfolio Distribution by Business
repayment for each credit is from customers with past due obligation of one to Lines
an identifiable cash flow from the 59 days to correct irregularities detected on
The Bank consistently pursued its retail
counterparty’s normal business these category of accounts.
banking strategy, increasing the contribution
operations or other financial
Credit Analysis & Processing (CAP) is of consumer and retail from 33% of total
arrangements. The realisation of security
responsible for the appraisal of credit requests loans in 2008 to 50% in the current year.
remains a fall back option;
and processing through to final decision.
Business Lines March 2009 % of
vii. Adopt a pricing model that reflects
Classified Assets Management (CAM) N’bn Portfolio
variation in the risk profile of various
is responsible for the recovery of classified Corporates 355 50%
exposures to ensure that higher risks are
loans that are 360 days past due and the Consumer
compensated by higher returns; 113 15%
provision of necessary support to branch
Retail Business 249 35%
viii. Ensure that products to be sold in the recovery teams on other accounts.
retail market are backed by approved Total 717 100%
The above structure ensures the separation
product programmes;
of policy, monitoring, reporting and control 3.5.2(b) Portfolio Distribution by Sector
ix. Ensure that the quantum of exposure functions from credit processing functions,
Sector / Industry Exposure % of
and quality and value of collateral thus ensuring broad credit governance.
N’mn Portfolio
required are determined based on the
3.5 Provisioning Policy and Credit Agriculture 7,110 1%
risk profile of the counterparty;
Performance (Limits)
Oil & Gas 146,744 20%
x. Avoid all conflict of interest situations
Classification Past Due Provision Manufacturing (Processed) 62,839 9%
and report all insider-related credits to
Obligation
appropriate bodies; and Manufacturing 38,436 5%
Performing <1 day – 89 1% (Allied Products)
xi. Ensure that there are consequences days
Manufacturing (Others) 22,072 3%
for non-compliance with the Bank’s Substandard >90 days – 179 10%
Construction 6,044 1%
credit policies. days
Real Estate 71,234 10%
3.4 Responsibilities and Functions of Key Doubtful >180 days – 50%
359 days Utilities 5,081 1%
Stakeholders in the Credit Process
3.4.1 Board of Directors (See 2.6) Lost >360 days 100% General Commerce 59,821 8%
Transport 8,275 1%
3.4.2 Board Credit Committee (BCC)
Non-performing exposures are defined as Communication 53,154 7%
(See 2.6.5)
exposures with past due obligations >90
Finance & Insurance 66,204 9%
3.4.3 Executive Committee (See 2.6.6 and days. Loans move from performing status
to substandard, doubtful and lost category, Consumer 82,998 12%
2.6.7)
depending on number of days past due. Retail Services 86,781 12%
Credit risk in FirstBank is managed by three
This is explained above. Public Sector 394 0%
departments, namely:
3.5.1 Asset Quality Ratios Total 717,187 100%
• Credit Risk Management (CRM)
The decline in asset quality is as a result
• Credit Analysis & Processing (CAP)
of the deterioration in margin trading
• Classified Assets Management (CAM) facilities and loans secured by quoted
shares. Non-performing accounts have been
Each department is headed by an officer of recognised, classified and provisions made
the rank of Assistant General Manager or as appropriate in line with the prudent
Deputy General Manager. guidelines (see chart).
Credit Risk Management (CRM) is
responsible for the planning of the credit 150 150
portfolio, the monitoring of loans on an

120
obligor and portfolio basis as well as the 95
106
reporting of these to Management and the 90 82

67
Board. It is also responsible for controlling 60
and ensuring that conditions set out for
obligors are met before disbursement of 30
9.13 4.43
2.8
funds. CRM has ownership of all rating 0 23.51 1.35
systems/scorecards and recommends and 2005 2006 2007 2008 2009

monitors the credit risk appetite for the year Total Loan Loss Provision / Non-Performing Loans (TLLP/NPL) (%)
and reports periodically to the Board and the Non-Performing Loans / Total Loans (NPL/TL) (%)
Management. CRM also manages the Retail

60 Business Review
Top 20 Obligors: Distribution by Industry and Industry Rating v. Non-performing accounts have been
Industry Industry Rating Exposure N'bn % of LAD
classified in accordance with the
Prudential Guidelines.
Oil & Gas Services B 58 8.09
Conglomerate A 24 3.35
3.6 Credit Risk Management Outlook
The current global economic crisis has
Telecommunications BBB 18 2.50
manifested in systemic financial risk, typically
Telecommunications B 16 2.23 accompanied by a sharp decline in asset
Logistics B 12 1.67 values/quality, economic activity, abrupt loss
Commercial Residential B 11 1.53 of liquidity, extreme volatility and instability
throughout the financial system as a whole.
Asset Management BBB 11 1.53
The Bank’s strategy is to ensure that target
Manufacturing Cement A 10 1.39 growth in loans and advances is conservative
Oil & Gas Marketing BBB 9 1.26 and attained without compromising asset
Owner Occupier B 8 1.12 quality. This is to be achieved through
Telecommunications A 8 1.12
strategic risk planning, supported by sound
risk identification, measurement, control,
Asset Management C 8 1.12
monitoring and reporting.
Manufacturing – Beverages CC 8 1.12
The risk appetite definitions have been
Oil & Gas Marketing CCC 7 0.98
reviewed to reflect market conditions
Telecommunications BBB 6 0.84 and economic realities to enable the
General Commerce – B 6 0.84 Bank to remain a sound institution. More
Chemicals & Allied Products emphasis will be placed on validation and
Manufacturing – Flour BB 6 0.84 independent review of models that are
Oil & Gas Marketing B 6 0.84 adopted by the Bank, starting with the risk
rating and scoring model. Stress tests will
Commercial Non-Residential B 5 0.70
be adopted as appropriate as they provide a
Oil & Gas Services BB 5 0.70 valuable perspective on risks falling outside
Sub Total 242 33.75 the normal scope and force one to step
Others 475 66.25 back from daily concerns to think through
Total 717 100.0
the implications of scenarios that may seem
relatively unlikely but could pose serious
3.5.3 Top 20 Obligors: Distribution by also have additional margin collateral of risks to the institution if they materialised.
Industry and Industry Rating at least 30% in cash or quoted shares FirstBank has taken a good initiative by
and have not been affected by the acquiring the SAS risk management module
See table above. and business analytics. This application will
drastic drop in prices of shares quoted
3.5.4 Margin Trading Facilities/Loans on the Nigerian Stock Exchange. be available to develop models, test and
Secured by Shares validate different business scenarios.
iii. As a result of significant depression in
i. Exposure secured by shares (quoted prices of quoted stock in the year, total Financial and credit analytical skills will also
and unquoted) stood at N58 billion, value of shares held as collateral on the be strengthened through both internal and
which represents 7.8% of Total Loan portfolio was 80% of total exposure. external training geared towards acquiring
Portfolio (TLP). However, exposure the expertise for analysing and managing
iv. The Bank remedial strategy on the risks posed by complicated transactions.
against quoted shares was N42 billion
portfolio secured by quoted shares
and accounts for 5.7% of Total Loan
is to recover past due obligations
portfolio. These positions are within the
on non-performing accounts before
approved portfolio limit of 10%.
restructuring, restructure other
ii. 30% of total exposure is secured by an exposures against realistic cashflows,
unquoted stock. FirstBank exceptionally obtain alternative/additional collateral
accepted the unquoted shares of a large and pursue gradual work-out. Other
telecommunications company as partial measures include obtaining increased
security for loans to investors in its collateral coverage of exposure to a
private placement. Although the stock is minimum of 150% and an outright
not listed, liquidity risk is fair in over the freeze on capital market lending.
counter (OTC) trading. All such facilities

61
The Bank 36
4 MARKET AND LIQUIDITY RISK iv. Review market and liquidity risk strategy The Bank maintains a well-articulated
MANAGEMENT and recommend same for Board market risk policy, which drives the level of
approval; market and liquidity risk exposures during
4.1 Overview
trading activities and determines business
The Bank is exposed daily to a number v. Monitor liquidity, asset and liability
size and maturities that are subject to re-
of market risks. Market risk relates to mismatch, pricing and interest rates;
pricing when the interest rate changes.
the risk that movements in market risk
vi. Develop policies, procedures, tools and The Bank is moving from traditional
factors, including foreign exchange rates,
systems for identifying, measuring, methods of market risk management (risk
commodity prices, interest rates, credit
controlling and reporting market and mitigation) to risk optimisation by linking
spreads and equity prices, will have an
liquidity risks; the Bank’s business strategy to its day-to-
adverse effect on the profitability and/or net
day risk exposures.
worth of the Bank, eg an adverse interest vii. Evaluate market risk inherent in
rate movement. Liquidity risks relate to the new products; Due to the size of the Bank’s holdings in rate-
risk of insufficient liquid assets to meet the sensitive assets and liabilities and its volume
viii. Ensure compliance with statutory and
Bank’s obligation as they fall due or meet of foreign exchange trade, a major area of
regulatory requirements relating to
the obligations at excessive costs. market risk exposures in the Bank relates
market risks;
to interest rate and foreign exchange risks.
4.2 Market Risk Structure and
ix. Review and recommend for approval Some of the Bank’s subsidiaries engage
Framework
market and liquidity risks related limits in limited proprietary trading in quoted
The Bank ensures that all the market risk
i.e. position, concentration, currency, equities but there is control oversight on
exposures are consistent with its business
dealing gap, total portfolio and such exposures. In addition, each subsidiary
strategy and within its risk tolerance. The
counterparty limits; has a risk management framework and
goals of the Bank are principally to:
policy that is consistent with the Enterprise
x. Approve appointment of dealers; and
i. Define the Bank’s market risk appetite; Risk Management manual.
xi. Balance sheet management.
ii. Ensure that the Bank’s overall market 4.3 Market Risk Policy and Strategy
risk exposure is maintained at levels BARAC and full Board are responsible for FirstBank has put in place a clearly defined
consistent with the available capital; the following: Market Risk Management Framework
and that provides the Board of Directors and
i. Approve market and liquidity risk Management with guidance on market risk
iii. Ensure that management and individuals management framework, policies, management processes. The Bank has also
responsible for market risk management strategies, guidelines and philosophy; prescribed tolerable market and liquidity
possess sound expertise and knowledge
ii. Provide Board oversight for the related losses, vis a vis quantum of available
to accomplish the risk management
implementation of market and liquidity capital and level of other risk exposures.
function.
risk management policies; The Bank’s Market Risk strategy and policy
Regular market risk reports are presented
iii. Approve market and liquidity risks related is anchored on the following:
to the Board Audit and Risk Management
limits for the Bank and subsidiaries. i. Product diversification which involves
Committee (BARAC) and the Assets &
Liabilities Management Committee (ALCO). Implementation of the Bank’s market trading in a wide range and class of
and liquidity risk management policies, products such as debt, equity, derivative,
The Assets & Liabilities Management
procedures and systems is delegated foreign exchange instruments, corporate
Committee, made up of Executive Directors
to the Head, Market and Liquidity Risk securities and government securities;
and other relevant Divisional Heads, is
Management Department who reports to ii. Risk-taking within well-defined limits
responsible for the following:
the ED/Chief Risk Officer. with the sole purpose of creating and
i. Review of policies relating to market
FirstBank is committed to managing enhancing shareholder value and
risk management and assets &
market risks emanating from the competitive advantage;
liabilities management;
following activities: iii. Effective utilisation of risk capital;
ii. Recommend market risk policies to
• Money Market Activities iv. Continuous re-evaluation of risk
the Board;
• Capital Market Activities appetite and communication of same
iii. Provide management oversight for the
through market risk limits;
implementation of policies relating to • Financial Intermediation Activities
liquidity, interest rate, foreign currency v. Independent market and liquidity risk
and equity risks; management function that reports
directly to Management;

62 Business Review
vi. Robust market and liquidity risk x. Usage of variety of tools to measure regulatory defined ratio of 25%. The Bank’s
management infrastructure reinforced non-tradable interest rate risk such as: definition of liquid assets is more stringent
by strong automated system for than as defined by the Central Bank. While
• Interest rate gap analysis (which
controlling, monitoring and reporting the apex bank admits federal government
allows the Bank to maintain a positive
market risk, including transactions of Nigeria bonds as liquid assets, the
or negative gap depending upon the
between the Bank and its subsidiaries; Bank has stressed its liquid assets only
forecast of interest rate position).
to the portion of securities available for
vii. Deployment of a variety of tools The size of the gap is then adjusted
immediate sale and for which a deep and
to monitor and restrict market risk to either hedge net interest income
liquid market exists.
exposures such as position limits, against changing interest rates or
sensitivity analysis, ratio analysis and to speculatively increase net interest The liquidity ratio is interpreted in
management action triggers; income; conjunction with cash flow projection and
liability concentration ratios to measure
viii. Adoption of Value-at-Risk (VaR) as one • F orecasting and simulating interest
the Bank’s exposure to liquidity risk. The
of the risk measurement tools: rate margins;
cash flow technique used is the maturity
• T he Bank, during the year, improved •M
arket Value Sensitivity; ladder which assesses all the Bank’s cash
on its use of the VaR model to estimate inflows against its outflows to identify
•C
alculating Earnings-At-Risk (EAR)
the potential losses that could occur the potential for net shortfalls or net
using various interest rate forecasts;
on risk positions as a result of funding requirements. In order to ensure
movements in market rates and prices •R
e-pricing risk in various portfolios compliance with liquidity levels, the Bank
over a specified time at a given level and yield curve analysis; has pre-set liquidity gap limits. The liquidity
of confidence. The VaR model is based and funding management process also
•U
sing the Assets and Liabilities
on historical simulation with potential includes the preparation of multi-currency
Management process to determine
market movements calculated by balance sheets and assessing cash flows
balance sheet interest rate sensitivity
reference to published data from pre- by major currencies and projecting cash
and implement market risk
approved sources for two years. It is flows under stress scenarios. The Bank’s
management practices to hedge
calculated to a 99% confidence level use of concentration ratios prevents it from
the potential effect of interest rate
and for a 10-day holding period. relying on limited number of depositors or
changes.
funding sources.
• T he use of the VaR model is still in
xi. Setting Internal Open Position Limit
its nascent stage as limits are still 4.4.2 Primary Sources of Funding
(OPL) lower than the CBN prescribed
substantially based on contract/volume
limit (currently 5% of Shareholders’ The Bank’s funding base consists of well-
basis – rather than factor sensitivity
funds). The Bank has put in place diversified corporate and retail deposits as
limits which are set on the basis of
approval process for exceeding the well as inter-bank and other borrowings.
maximum loss allowable based on
internal OPL limit. However, any trading Traditionally, the Bank has sought to attract
volatility in the various markets.
above the CBN regulated OPL limit must lower-cost demand and savings deposits
ix. Use of stress testing: be approved by the Central Bank; in order to keep its funding cost as low as
possible and has attempted to minimise its
• In recognition of the volatile market xii. Enforcement of market risk operating
reliance on higher cost time deposits as a
environment and the frequency of limits and other risk management
significant source of funding. The Bank
regulations that have had significant guidelines that will ensure consistent
places considerable importance on the
effect on market rates and prices, the compliance with OPL limit.
demand and savings deposit which form
Bank augments other risk measures
4.4 Liquidity and Funding 73% of its funding base. Although these
with stress testing to evaluate the
4.4.1 Policies and Procedures accounts are contractually repayable on
potential impact of possible extreme
demand, in reality, they are stable and have
movements in financial variables on The objective of the Bank’s liquidity formed a core component of the Bank’s
portfolio values. risk management is to ensure that all liabilities. Also due to market perception
anticipated funding commitments can be of the Bank as one of the strongest banks
met when due and that access to funding in Nigeria, it enjoys a relatively lower cost
sources is co-ordinated and cost effective. time deposit base by attracting the retail
The principal mechanism for implementing segment whose principal consideration is
the Bank’s liquidity policy is to maintain the safety of their funds.
liquid assets to deposit ratio above the

63
The Bank 36
4.4.3 Loans-to-Deposit Ratio In specific terms, the Bank’s exposure in The Bank’s liquidity position on the naira side
margin lending is relatively insignificant to is very robust. In the period under review,
The Bank emphasises the importance of
the size of its loan portfolio and, therefore, growth in our deposit liabilities exceeded
core current and savings deposit accounts
its liquidity position is unaffected. Also, the growth in risk assets. The Bank’s focus
as a source of funds to finance lending
strain arising from the liquidity trapped in this year will remain on liability generation
to customers and discourage reliance on
margin lending exposures is concentrated in which will be a necessary pre-condition for
short-term wholesale funding (inter-bank
the inter-bank market where FirstBank has significant asset growth.
borrowing and public sector fund). This is
been a dominant net placer of funds. The
achieved by placing limits on the various 4.5.2 Capital Adequacy and Management
retail market from which the Bank derives
Business Development Units of the Bank,
its current and savings deposits is relatively FirstBank’s capital management approach
which restrict their ability to increase
unaffected. The desire by most customers is driven by its strategy and organisational
loans and advances to customers without
for flight to safety and the Bank’s market requirements, taking into account the
corresponding growth in current and
perception as a stronger Bank have impacted regulatory and commercial environment in
savings deposit accounts. The pre-set loans
positively on the level of deposits. which it operates.
to deposit ratio set and monitored by ALCO
is 80%. 4.5 Market and Liquidity Risk Reporting The Bank achieved Capital Adequacy
Various Market and Liquidity Risk Ratio of 29.7% at the end of the year; a
4.4.4 Diversification Policy on Asset Base
Management reports are issued on a daily, marked reduction over the 48.2% recorded
and Contingent Liquidity Risk
fortnightly, monthly and quarterly basis as for the year ended March 2008. This is
The Bank maintains a large portfolio of shown below: attributable to 55.3% increase in net Loans
tradable liquid assets in the form of Nigerian and Advances during the year. The Bank,
•D aily Liquidity & Market Risk Report:
Treasury Bills and federal government of as a policy, works to maintain adequate
All ALCO members
Nigeria bonds which are low in risk and capital cover for its trading activities.
can be converted in a short period of time • F ortnightly ALM & Market Risk Report: While the regulatory requirement is 10%,
or used to enhance the Bank’s borrowing. ALCO meeting FirstBank has a minimum internal target of
The Bank also maintains a large portfolio 16%. Current position is closely monitored
•M onthly ALM & Market Risk Report:
of low risk assets which can be securitised and reported fortnightly to the Assets &
ED, Risk & Mgt Control
and traded as off-balance sheet items. Liabilities Management Committee.
In addition, the Bank has put in place • Q uarterly ALM & Market Risk Report:
Capital Adequacy
contingency funding arrangements with Board of Directors
similar-sized Nigerian banks and maintains 31.03.09 31.03.08
4.5.1 Market and Liquidity Risk Exposures
a standing credit facility with Central Bank Capital Adequacy Ratio 29.74% 48.23%
of Nigeria, which can be assessed at short The major sources of market risk in the Capital Composition: N’mn N’mn
notice. Bank’s books have been identified and are
Tier I
being well managed. Interest rate risk in
4.4.5 Market Turmoil and Liquidity Paid up Capital 12,432 9,945
the USD175 million subordinated debt was Reserves 333,407 324,687
Risk Position
fully hedged with the aid of an interest rate Tier II
The global financial crisis and margin swap with a top rated investment bank. Long Term Debt Stock 25,266 20,379
lending related exposures by the banking The exchange rate risk associated with the Reserves 5,215 5,215
industry continue to have adverse effects EUR borrowing disbursed in dollars is being Capital Utilisation: 376,320 360,226
on the liquidity and funding risk profile of managed through an accumulator contract Qualifying Risk Weighted
the banking industry. At systemic levels, that will close the open position over the Assets 1,192,475 700,099
these may be summarised as follows: life of the borrowing without a loss to the
Bank.
• Cancellation of offshore credit lines to
Nigerian banks; Foreign currency liabilities generally fund
assets in the same currency and, where
• Inter-bank funding cost increased as banks
tenors differ, re-pricing and liquidity risks
became reluctant to lend to each other;
are generally adjudged fair.
• Many asset classes primarily considered to
Generally, market risk management in the
be liquid became illiquid;
Bank is still in its nascent stage but as new
• The difficulty of many banks to raise products enter the market, there is greater
wholesale deposits at reasonable cost; emphasis on strengthening systems and
although this has been mitigated by CBN people.
Expanded Discount Window.

64 Business Review
5 Operational Risk Management 5.3 Operational Risk Strategy iv. Considers the potential operational risk
Failure to manage operational risk effectively impact of its activities and products at
5.1 Overview
often leads to significant financial losses, the outset with a view to minimising
Operational risk is the risk of loss resulting
regulatory fines or sanctions, reputational these as far as possible;
from inadequate or failed internal
damage, brand erosion or even the loss
processes, people, systems and external v. Has put in place structures and
of banking licence, all of which directly
events. This definition includes legal risk processes for reporting control failures
impact shareholder value. Accordingly, the
but excludes reputational risk. The Bank to designated individuals and escalating
FirstBank operational risk strategy aims to
recognises the significance of operational material issues to EXCO and the Board
minimise the impact of operational risk on
risk, which is inherent in all areas of our Audit and Risk Assessment Committee;
its shareholder value. Specifically, the Bank’s
business. Operational risk is managed within
strategy is to: vi. Ensures that staff are provided
acceptable levels through an appropriate
with appropriate operational risk
level of management focus and resources. i. Reduce the likelihood of occurrence
management training that is
of unexpected events and related
5.2 Operational Risk Management commensurate with their roles;
costs by managing the risk factors
Framework
and implementing loss prevention or vii. Establishes workable business continuity
FirstBank is committed to the management
reduction techniques to reduce variation plan (including disaster recovery and
of operational risks. The Bank’s operational
in earnings; crisis management procedures) that
risk management framework aims to:
minimises the impact of unexpected
ii. Minimise the impact of unexpected and
i. Reduce losses arising from operational and catastrophic events on business
catastrophic events including related
risk – a key role of operational risk operations and customer service;
costs through risk financing strategies
management in the Bank is to reduce
that support the Bank’s long-term viii. Minimises financial impact of operational
losses from operational failure and,
growth, cash flow management and losses, through management of risk
in particular, avoid potentially large or
balance sheet protection; and factors and utilisation of insurance or
catastrophic losses;
other risk transfer strategies; and
iii. Make all managers responsible for the
ii. Improve performance measurement –
management of operational risk and ix. Ensures that staff responsibilities with
the Bank’s improved understanding of
thus minimise actual or potential losses. respect to operational risk management
its operational risk profile shall enable
The Bank recognises that some losses, are communicated through on-
appropriate allocation of risk and
such as operational errors, are inevitable going risk awareness workshops and
economic capital to individual lines of
but it will ensure the consequent costs management action.
business which would allow improved
are kept within acceptable levels and
performance measurement and 5.4 Operational Risk Management
potential losses are minimised.
evaluation of activities; Philosophy and Principles
In implementing this strategy, the Bank: The following philosophy and principles
iii. Ensure better control of operations
govern the management of operational risk
– the Bank expects that increased i. Has put in place best practice
in FirstBank:
understanding of risk activities within operational risk management policies
various business units, the Board and procedures. These include toolkits i. The Board of Directors is responsible for
and senior management will lead to to help identify, assess, control, manage setting the operational risk strategy of
improvement in the control of operations and report on operational risk within the Bank and its implementation;
and the emergence of a more proactive the Bank;
ii. The Board approves and periodically
operational risk management culture;
ii. Ensures that roles and responsibilities reviews the operational risk management
iv. Provide early warning signals of are agreed and clearly understood by framework;
deterioration in the Bank’s internal employees at all levels;
iii. Operational risk management in
control system; and
iii. Ensures that all staff in business and the Bank is co-ordinated through a
v. Raise awareness of operational risk in support functions are aware of their centralised and independent operational
the Bank from top to bottom through responsibilities for operational risk risk management function;
the implementation of an enterprise- management;
iv. Ownership, management and
wide operational risk approach.
accountability of operational risk
is decentralised with business and
functional units;

65
The Bank 36
v. There are consistent standards for risk management framework including operational risks impacting the business.
defining, evaluating, measuring, methodologies, policies and procedures The self-assessment process assists in
monitoring and reporting operational approved by the Board. The division works identifying emerging operational risk issues
risk; with the Bank’s Internal Control and Internal and determining how lines of business
Audit divisions to ensure that the day-to- should be managed.
vi. The Bank’s operational risk management
day operations of the Bank are in line with
practices are in line with Basel II; 5.6.3 Key Risk Indicators (KRIs):
the approved operational risk management
vii. The Bank’s operational risk management policies. KRIs have been developed and are used
practices are subject to regular to help identify trends and issues at both
Operational Risk Management (ORM)
independent review by internal and corporate and business unit levels.
Division is an independent risk management
external auditors;
function within FirstBank. The prime 5.7 Key Operational Risks
viii. Operational risk management is responsibility for the implementation of the Major operational risks faced by the Bank
governed by well-defined policies operational risk framework as well as the are internal fraud and armed robbery. Each
and procedures, which are clearly day-to-day operational risk management incident is analysed and control failures
communicated across the Bank; lies with the business divisions. Based identified and new controls designed. The
on this business partnership model, the Bank is also investing in enhanced physical
ix. Operational risk related issues are
Division ensures close monitoring and high security and collaborating with the security
taken into consideration in business
awareness of operational risk, which are agencies to improve protection of branches
decisions including new product and
driven across the Bank through training and and staff. Key counter-measures put in
process designs;
strategic communication initiatives. place include:
x. Operational risk and loss events are
5.6 Monitoring and Managing i. Enhanced staff training;
reported openly and fully to the
Operational Risk
appropriate levels, once they are ii. Issuance of appropriate and deterrent
Several tools and techniques are deployed
identified; and circulars;
in managing operational risks in FirstBank.
xi. Adequate processes and systems for These tools and techniques incorporate iii. Job rotation and segregation;
identifying, measuring, monitoring, risk identification, risk assessment,
reporting and controlling operational implementation of adequate control iv. Dissemination of email and SMS alerts
risks are being implemented by measures to reduce the impact of risks, risk to customers for every transaction on
the Bank. monitoring and reporting. They include: their accounts;
5.6.1 Delphi Sessions: v. Imposition of stiff disciplinary measures,

5.5 Organisation and Structure including prosecution of fraudulent
The Bank’s overall approach is to create A type of Risk Self Assessment which staff; and
and promote a culture that emphasises provides for brainstorming sessions during
effective operational risk management, which ‘experts’ (in this case, senior personnel vi. Installation of panic alarm systems,
adherence to operating controls and acting in business units) identify, measure and closed-circuit televisions (CCTVs),
in accordance with the Bank’s policies. The analyse the risks inherent in business deadman’s doors etc.
management of operational risk in the Bank units, activities and products, and draw up
5.8 Role of Internal Audit and
is undertaken at three distinct levels, each controls aimed at reducing the risks. This is
Internal Control in Operational Risk
with clearly defined roles and responsibilities done in collaboration with Operational Risk
Management
as follows: Managers who coordinate the sessions.
5.8.1 Internal Audit
5.5.1 Board and Board Committees 5.6.2 Risk Control Self Assessment (RCSA):
The role of Internal Audit is to:
See 2.6.1 and 2.6.3 Risk Control Self Assessment (also called
i. Provide independent assessment and
Control Self Assessment or CSA) is a
5.5.2 Senior Management evaluation of the Bank’s operational risk
process whereby business areas identify and
management framework;
evaluate inherent risks, the level of control
At the second level is a management
the area has over these risks, and action ii. Monitor that business units and support
function performed by the Risk
points for improvement. functions comply with the Bank’s
Management Directorate. The Operational
operational risk policies;
Risk Management Division has direct The goals of the Delphi sessions and RCSA
responsibility for formulating and are to continuously assess changing market iii. Assess the adequacy of the Bank’s
implementing the Bank’s operational and business conditions and evaluate all Operational Risk measurement
methodology;

66 Business Review
iv. Assess the effectiveness of the Bank’s 6.2 Legal Risk Management Structure v. There are two sub-hubs responsible for
risk management and control process The Bank has a dedicated global legal the preparation and vetting of bonds
for operational risk; and function which is responsible for managing and guarantees issued by the Bank or
legal risk. This comprises the provision of accepted as security by the Bank.
v. Conduct an independent assessment
legal advice and support in resisting claims
and evaluation of the risk in 6.3 Legal Risk Policy and Reporting
and legal proceedings against the Bank,
business units. A major legal policy of the Bank is that
analysis of legal issues, management of
all known potential incidents of material
5.8.2 Internal Control litigation, non-routine debt recoveries, and
legal risks are reported at an early stage
any other litigation against third parties.
The Internal Control Division is responsible and mechanisms put in place for rapid
for evaluating and monitoring control The Head Office Legal Services Department escalation to Management for proactive
activities as well as ensuring compliance oversees the global legal function of the summary decision.
with minimum control standards set in Bank and reports to the Chief Risk Officer.
For effective implementation of this major
the framework. Other Internal Control
For the smooth, efficient and effective legal policy, the various units of the Bank are
activities include:
performance of its duties, the Department expected to promptly notify Legal Services
i. Top level review of appropriate is sub-divided into four hubs which are Unit of any actual or threatened litigation
activities and controls for branches and headed by senior officials of the department against the Bank or any of its officers in
departments/divisions; who report to the Head, Legal Services. The their official capacities.
four hubs are as follows:
ii. Physical control and checking for The Head, Legal Services prepares quarterly
compliance with the Bank’s policies, i. Retail and Securities Hub – with reports on litigation matters and their
including exposure limits, system of responsibility for the documentation consequent costs to the Board of Directors
approvals and authorisations; and perfection of securities considered while Management is furnished and kept
necessary to secure credit facilities abreast of details of cases involving major
iii. Conduct independent verification
extended by the Bank to its customers. potential liabilities against the Bank.
and reconciliation.
ii. Litigation Hub – with responsibility for 7 Information Security Risk
6 Legal Risk Management
the commencement and monitoring Management
6.1 Legal Risk Concept in FirstBank of legal actions on behalf of the Bank,
7.1 Information Security Risk
Companies in operation are required defence of any legal action against the
Management Framework
to implement policies, procedures and Bank, and rendition of legal advice in
FirstBank has adopted an integrated
guidelines in respect of the management relevant matters. The unit evaluates out-
approach to Information Security Risk
and control of legal risks and First Bank of-court settlement options with a view
Management in line with ISO27001
of Nigeria Plc has conformed with this to decongesting the Bank’s litigation
standard. Its fundamental objective is to
international best practice. portfolio and reducing contingent
ensure the confidentiality, integrity and
liabilities to a bare minimum.
Legal risk covers contractual risk, legislative availability of its information assets.
risk, intellectual property risk and litigation iii. Corporate and Contracts Hub – with
Information assets are viewed as a very
risk. Legal risk includes: responsibility for the documentation
critical asset of the Bank and shall therefore
of transactions entered into between
i. Failure to act appropriately or diligently be adequately protected. The protection of
the Bank and its corporate customers
in response to a claim made against the FirstBank’s information assets is critical to
as well as the preparation and vetting
Bank; the Bank’s business continuity and its ability
of contracts entered into between the
to meet business objectives. Accordingly,
ii. Failure to take proper action to preserve Bank and its customers/third parties in
Information Security Management
the right of recourse to insurers in appropriate cases.
Department (ISMD) has been assigned the
respect of any claim against the Bank;
iv. Regional Co-ordination/Administration responsibility of ensuring that the Bank’s
iii. Inability to successfully defend a claim Hub – with responsibility for the co- information assets are adequately protected
brought against the Bank; ordination and supervision of duties at all times. This responsibility is shared
performed by Legal Managers posted by both management and employees of
iv. Inability to take action to enforce the to some Business Development Offices FirstBank, irrespective of designation or
rights of the Bank through the law (BDOs) of the Bank and the performance function.
courts; or of administrative duties in the Head Office
The diagram opposite depicts the
v. Failure or inability to mitigate the Legal Department. The Legal Managers
various stakeholders within the FirstBank
likelihood that an adverse claim will be perform the duties arising from the hubs
information security organogram.
successfully made against the Bank. they cover to a limited extent.

67
The Bank 36
INFORMATION SECURITY ROLES AND RESPONSIBILITIES
8 Internal Control
8.1 Internal Control Concept
Board
Approval and Responsibility in FirstBank
escalation “Internal control” in FirstBank refers to the
overall operating framework of practices,
EXCO
systems, organisational structures,
Legal/ management philosophy, code of conduct,
Internal Company
audit policies, procedures and actions which exist
ED/CRO Secretary
in the Group and designed to ensure:
i. Essential business objectives are met,
Information Security Office including the effectiveness and efficiency
of operations and the safeguarding of
assets against loss;
Product & Business Information Business Subsidiary ii. The reliability of financial reporting and
Internal Sevice Line Unit Asset Partners Co-ordinators
Champions Co-ordinators Custodians Contacts compliance with general accounting
controls
principles;
iii. Compliance with applicable laws and
regulations including internal policies;
Final authority and responsibility for These include:
safeguarding FirstBank’s information assets iv. Systematic and orderly recording of
i. Information security controls being
rests with the Board of Directors. Key transactions;
built into all existing processes and
responsibilities of the Board with respect to
procedures while security procedures v. Provision of reasonable assurance that
information security are detailed below:
have been developed to bridge the gaps undesired events will be prevented or
i. Approve the Bank’s overall Information in identified areas; detected and corrected.
Security Framework and policy;
ii. The Bank carried out a comprehensive FirstBank is committed to creating and
ii. Ensure that the Bank’s information classification of all its information assets maintaining a world-class internal control
security posture is maintained in line with priorities/custodians allocated environment that is capable of sustaining its
with its risk appetite and commensurate to the asset to ensure that the right current leadership position in the financial
with the risks associated with amount of security level is assigned services industry.
information asset. based on criticality;
FirstBank operates in an environment that
FirstBank, through its information security iii. The Bank engaged the services of an is continuously exposed to uncertainties
management, is continually putting in place independent company to carry out and change. Such risks may prevent the
structures to help protect its information a bankwide security risk assessment, institution from achieving its strategic
assets and create assurance for investors. to determine the security posture of business objectives. To effectively manage
As part of its responsibility, ISMD monitors the Bank and allocate appropriate these risks, FirstBank Group has put in place
risk indicators such as information security- safeguards to the asset. internal control measures that cover the
related incidents supplemented by trend Bank and its subsidiaries.
FirstBank has developed a robust information
analysis which highlights high-risk or
security framework that addresses its The Bank has also instituted an effective
emerging issues so that prompt action can
immediate and future needs to ensure a and efficient internal control environment
be taken to address them.
safe and secure operating environment for that ensures minimal operational losses
7.2 Information Security Risk its customers and staff. The Bank would arising from fraud, errors, operational
Mitigation continue to improve on its information lapses, armed robberies, customer
In the light of recent rising incidents of security drive through programmes aimed dissatisfaction, customer complaints and
information insecurity and compromise at enhancing staff knowledge and customer other risk exposures.
resulting from identity theft and social protection against password compromise,
engineering attacks on financial institutions social engineering attacks and use of key-
globally, FirstBank has taken a number of logging devices as hacking tools.
proactive measures to ensure that its systems
are not vulnerable to these attacks.

68 Business Review
8.2 Components of FirstBank Internal 8.3 Responsibilities for Internal Control 8.5 FirstBank Internal Control
Control Environment in the Bank Philosophy and Principles
i. A Board of Directors that is actively i. Board of Directors, Board Audit Major internal control philosophy and
concerned with sound corporate Committee, Board Audit and Risk principles of the Bank are reflected in seven
governance coupled with effective Assessment Committee – monitor documents as detailed below:
management and control of the Bank; effectiveness of internal control system;
i. FirstBank Internal Control Framework.
ii. An independent Audit Committee ii. GMD/CEO and EXCO – design and This document, which is predicated
with strong oversight and constant maintain adequate system of internal on COSO (Committee of Sponsoring
monitoring of the Bank’s controls; controls; Organisation) standard, provides policies
aimed at achieving the following
iii. Executive Management that actively iii. Top and middle management –
objectives in the Bank:
manages and operates the Bank in a implement and enforce internal
sound and prudent manner; controls; • Proactive identification of key business
risks with appropriate internal
iv. Strong organisational and procedural iv. Internal Control and Internal Audit
controls;
controls supported by an effective Divisions – review, monitor, evaluate and
management information system aimed enforce internal controls in the Bank; • Ensure quality of internal and external
at prudent management of the Bank’s financial reporting;
v. All Staff – owned internal control
exposure to risk;
measures inherent in their various job • Ensure compliance with applicable
v. A robust independent control and functions. laws, internal policies and
audit mechanism that monitors the regulations;
8.4 FirstBank Internal Control
effectiveness and safety of all activities
Objectives • Identify and exploit opportunities for
in the Bank;
i. Achievement of business objectives; improving efficiency of processes and
vi. A functional risk management controls; and
ii. Safeguarding of assets;
framework and structure;
• Effective management of business
iii. Reliability of financial records;
vii. Risk recognition, assessment and operations and achievement of
management by Risk Management iv. Business/customer oriented control strategic objectives.
Directorate covering all categories of practices;
It also covers line of defence and control
risks – credit, operational, information
v. Automation of internal control and responsibilities of the Board of Directors,
security, market and liquidity;
reconciliation activities; GMD/CE, Executive Management, Head
viii. Appropriate and standardised control Office Departments, branches and
vi. Zero tolerance for prudential provision
activities covering all branches, subsidiaries.
on other assets;
departments, businesses and
ii. FirstBank Internal Control Policy. This
subsidiaries; vii. Minimise financial losses attributable
document outlines best practice control
to control infractions and reconciliation
ix. Segregation of duties; standards, roles and responsibilities
problems;
of Directors, senior management,
x. Effective financial and management
viii. Transaction safety; departments, subsidiaries and staff of
reporting system;
the Bank.
ix. Risk-based departmental and
xi. Continuous and ongoing monitoring
independent control activities; iii. FirstBank Internal Control Guidelines.
of control activities by an independent
FirstBank has adopted the COSO
Internal Control Division; x. Operational control efficiency and
framework (customised to the Bank’s
effectiveness;
xii. Independent evaluation of control local environment) for its internal
activities on a periodic basis by Internal xi. Strict compliance with regulations and control procedures and guidelines.
Audit Division; internal policies; The guidelines outline procedures
for identification, management and
xiii. Strong regulatory and policy compliance xii. Zero tolerance for fraud and errors as documentation of relevant processes/
culture driven from the top to the lowest well as control/regulatory infractions; sub-processes including mapping of
level;
xiii. Strict personal and Business Units specific risks and control mitigants.
xiv. Tiered ownership of internal controls responsibility for operational and control iv. FirstBank Operational Procedure.
– Board of Directors, Executive activities; Detailed Control, Accounting and
Management, Divisional Heads
xiv. Confidentiality and integrity of Administrative Procedures (CAAP)
and Staff.
information resources; manuals have been developed for
all processes, activities, products and
xv. Business continuity and disaster services of the Bank, including business
recovery. continuity and disaster recovery.
v. FirstBank Operational Desk Manual/Job
Card for operational activities.

69
The Bank 36
ORGANISATIONAL STRUCTURE OF THE INTERNAL CONTROL AND RECONCILIATION DIVISION
CHIEF FINANCIAL OFFICER
GMD/CEO OF SUBSIDIARIES
HEAD, INTERNAL CONTROL
AND RECONCILIATION
HEAD, CONTROL
TECHNIQUES,
MONITORING AND
ADMINISTRATION
HEAD, IT CONTROL
HEAD, CORPORATE HEAD, CORPORATE HEAD, SUBSIDIARIES
AND REVENUE
CONTROL CONTROL CONTROL
ASSURANCE
vi. FirstBank Departmental and Independent policies, regulations, processes and iii. Prevent repeat of operational lapses
Control Function Checklist. Used for systems inherent in processing activities and system defects that facilitate
managing supervisory and independent under their purview. fraud incidence;
control risks.
8.7 Major Internal Control/Audit iv. Minimise other operational losses
vii. FirstBank Independent Control Function Reports to Board and Senior associated with fraud losses.
Proof Chart. Standardised procedure for Management
8.8.2 Fraud Management Strategies
executing various independent control i. Major Audit Issues and
activities in the Bank. Countermeasures/Mitigants; i. Implementation of world-class
enterprise fraud management software
8.6 Structure of FirstBank Internal ii. Fraud Recovery Status Report
with strong emphasis on automated
Control Division (N10 million and above);
fraud prevention and detection;
Internal Control and Reconciliation Division is
iii. Fraud Statistics: type and frequency
dynamically structured to identify emerging/ ii. Implementation of world-class
with year-on-year comparison including
incremental areas of risk exposures aimed automated internal control and
general remedial actions;
at instituting immediate preventive control continuous monitoring solution;
measures. iv. Major Operational/Control lapses in
iii. Build fraud prevention and detection
Audit reports;
Major features of the internal control controls in processes and systems;
structure include: v. Control Situation Report;
iv. Strict compliance with internal policy,
i. Group-wide independent control vi. Cash Tracking Report; regulatory and statutory requirements;
oversight with Resident Internal Control
vii. Prudential Provision on Other Assets; v. Implementation of anti-fraud
Officers (RICO) in all branches, Head
operational, supervisory and
Office departments and subsidiaries; viii. Control Risk Rating of Business Units.
independent controls;
ii. Proper branch profiling, risk rating and 8.8 Fraud Management Strategies
vi. Proactive management of financial and
control vulnerability are considered in FirstBank
non-financial risks;
in order to determine optimum RICO 8.8.1 Fraud Management Objectives
requirements and placements; vii. Holding operators and supervisors
i. Prevention of fraud occurrence or
personally responsible for fraud
iii. Institution of efficient staff deployment losses. Where prevention is not
occurrence;
strategies that align staff quality with possible, they should be promptly
the risk rating of the branches; detected and mitigated; viii. Conducting root cause analysis of
fraud occurrence;
iv. Alignment of RICO specialist skills ii. Efficient Fraud Loss Mitigation
with the core competences required Measures i.e. rapid escalation of ix. Automation of reconciliation activities;
for specialised functions in the Bank, fraud occurrence, insurance recovery,
x. Risk-based departmental and
especially Head Office and subsidiaries; effective management of law
independent control checklist for
enforcement agencies;
v. Training, orientation and development supervisors and RICOs;
of RICOs are predicated on ensuring
superior knowledge of product features,

70 Business Review
xi. Enforcement of GL account ownership v. Implement a proactive approach to risk and reputation terms and at the extreme,
policy; management; could translate into loss of business and/or
franchise.
xii. Strong handshake/partnership amongst vi. Control the growth of governance, risk
various stakeholders responsible for and compliance-related expenses; In FirstBank, whilst the primary responsibility
fraud escalation, management and for complying with regulatory requirements
vii. Enable effective revenue generation and
loss recovery; lies with all members of staff conducting
assurance function;
particular transactions or activities to which
xiii. Continuous awareness campaign on
viii. Establish a timely and consistent regulation applies, the Board of Directors has
fraud learning points;
approach for assessing audit/compliance the ultimate accountability for compliance
xiv. Dynamic/continuous control improvement programmes across all business units performance. The Board and the Chief
measures; in the organisation including the Executive have delegated authority to the
subsidiaries. Chief Compliance Officer (CCO), and the
xv. Improve RICO manning and skill
Compliance function under his leadership,
capacity; The implementation of iGRC is manifested in
to ensure that the compliance process is
the following risk and governance structure
xvi. Improve anti-fraud operational control running effectively, to monitor that statutory,
of the Bank:
capacities amongst operations staff; regulatory and supervisory requirements are
i. Risk Management Governance adhered to and to report breaches.
xvii.Process optimisation and automation;
Framework, which encompasses Board
The Bank remains committed to fully
xviii.Frequent rotation of RICOs and of Directors, Board Credit Committee,
comply with both the spirit and the letter
operations staff; Board Audit and Risk Assessment
of applicable regulations and to always act
Committee, GMD/EXCO/ALCO, Risk
xix. Effective fraud escalation mechanism to with due skill, care and diligence. There is
Management Directorate, Internal
all levels of management; in place a comprehensive and functional
Control and Audit;
Compliance Policy and Procedures Manual
xx. Effective implementation of
ii. Strong and well-defined relationship which, amongst other things, defines very
whistleblowing policy.
between the Risk Management clearly the Group’s compliance objectives,
8.9 Adoption of Integrated Directorate and other key stakeholders roles and responsibilities as well as the
Governance, Risks and Compliance and Divisions in the Bank; minimum acceptable compliance standards
(iGRC) Framework across the Group.
iii. Institution of Management Risk and
To gain control over diverse risks
Assessment Committee (MRAC) made The Compliance function operates from
through a consistent, coordinated and
up of the following officers of the the Head Office and some selected hubs,
sustainable strategy, FirstBank has begun each of which is manned by dedicated
Bank:
implementation of a leading practice Compliance Officers whose only job in
– “integrated governance, risk and • Chief Compliance Officer – Chairman the Bank is ‘compliance’. Highlights of
compliance”, or iGRC. the scope of coverage of the Compliance
• Chief Internal Auditor – Member
The iGRC framework is a principles-guided, function include:
• Head, Internal Control – Member
step-by-step, logical and scalable method i. regulatory compliance;
that integrates governance, risk and • Head, Information Security – Member
compliance activities into a manageable ii. Anti-Money Laundering (AML)/
• Head, Operational Risk Management – Countering Terrorist Financing (CTF)
and sustainable process.
Member compliance (including KYC/KYB
The implementation of the iGRC has helped principles);
The committee has provided a veritable
the Bank to achieve the following:
platform for resolving common control, risk iii. corporate governance compliance
i. Avoid duplication of efforts; and audit issues in the Bank. monitoring.
ii. Make better use of staff and resources; 9 COMPLIANCE RISK MANAGEMENT Each and every one of the activities of
iii. Identify unmanaged/unknown risks 9.1 Compliance Risk Management the Compliance function is governed by
through a practical but comprehensive Philosophy, Strategy and Policies well articulated policies and process duly
evaluation process; Compliance risk is the risk of potential loss approved by the Board. The Group’s AML/
of and/or damage to the Group’s reputation CTF regime is driven by a well-documented,
iv. Improve the content, quality and timing functional AML Policies & Procedures
arising from violation of, or non-compliance
of governance, risk and compliance Manual to which every member of staff
with legal, regulatory and supervisory
analysis and reporting; has unfettered access through the Group’s
requirements. It could be in both financial

71
The Bank 36
e-porter. As a living document, the manual 9.3 Compliance Risk Management Roles and Responsibilities
is reviewed and updated regularly to reflect Roles and responsibilities for compliance are assigned to various functions as follows:
the dynamism and changing regulatory or
Function Role
environmental imperatives.
Board of Directors Assumes overall accountability for compliance performance.
9.2 Compliance Risk Management
Chief Executive Officer Provides demonstrable support to the CCO with the
Governance Structure development of a compliance culture.
In line with international best practice, the
Executive Directors (EDs) & Executive Assume overall accountability for compliance within their
Compliance function is structured as part of Committee Strategic Business Units (SBUs)/Strategic Resource Function
the Chief Financial Officer (CFO) function (SRFs).
and is responsible for ensuring that the CEOs of subsidiaries and their management CEOs assume overall accountability for compliance within
Bank continuously manages its regulatory teams their companies and their respective management is
risk. Regulatory risk is the risk that financial responsible for day-to-day compliance with regulations
institutions do not comply with the spirit and applicable to their business.
the letter of applicable laws and regulations Business Unit Heads & Business Development Responsible for day-to-day compliance with regulations
or supervisory requirements. Managers applicable to their business.
SBU – Strategic Business Unit Facilitate the implementation of the compliance process
The management of regulatory risk
SRF – Strategic Resource Function within their SBU/SRF/Subsidiary.
comprises ensuring compliance with all
Branch Managers (Branch Compliance Officers) As the Compliance Officer of their respective branches,
the statutory, regulatory and supervisory
Branch Managers assume overall responsibility for
requirements. The Compliance function compliance in their branches and are responsible for
is therefore responsible for ensuring conducting periodic compliance reviews.
compliance with all rules imposed on All employees Responsible for familiarising themselves with the regulatory
the business by regulators/supervisors. requirements applicable to their business and ensuring that
Responsibility for managing compliance all transactions and activities in which they are involved are
with internal rules created by FirstBank carried out in accordance with those regulations.
itself lies with the Internal Audit and Internal Control Assists the Compliance function in the conduct of
Control functions. These are monitored as independent monitoring.
part of their normal duty of ensuring that Internal Audit Provides quality assurance for the Compliance function.
an effective system of internal controls is Chief Compliance Officer (CCO) Responsible for the development, communication,
maintained in FirstBank. leadership and implementation of the compliance strategy,
policy, structure and process.
Certain internal rules are of such importance
External Audit Responsible for reviewing the compliance risk management
that the Executive Committee (EXCO) may
process as part of their statutory audit duties.
require the involvement of the Compliance
function for effective implementation. The
Compliance function is also, to that extent, 9.4 Responsibilities of the Chief iii. Provide the Board of Directors with
responsible for monitoring compliance with Compliance Officer regular information on the level of
internal rules, as determined by EXCO from The CCO takes overall responsibility for FirstBank’s compliance with laws,
time to time. compliance issues in the Group including regulations and supervisory requirements;
The Compliance function operates its Strategic Business Unit. The CCO works
independently from internal Audit and closely with the ED (Risk & Management iv. Ensure, as far as possible, that no
Control) in the performance of the following conflict of interest exists between the
Control Divisions. However, the Division
specific responsibilities. Compliance function and other internal
leverages on the Internal Audit and
control functions;
Control infrastructure by administering i. Assign a robust compliance structure,
compliance checklists on Business Units process and advisory service in order to v. Establish compliance culture in FirstBank
and branches through the independent ensure line management’s compliance that contributes to the overall objective
control and normal audit procedures. These with current laws, regulations and of prudent risk management;
compliance reports are forwarded to the supervisory requirements; vi. Establish effective communication
Compliance Department for review and
ii. Report non-compliance with laws, with line management in order to
subsequent monitoring.
regulations and supervisory requirements continuously monitor compliance
to the CE and the Board of Directors in a with laws, regulations and supervisory
timely manner; requirements;

72 Business Review
vii. Mandate line management to monitor 9.5 The Regulatory Universe

compliance with laws, regulations and Ever dynamic, the Bank is regulated by a body of rules which include but are not limited
supervisory requirements as part of their to the following:
normal operational duties;
No. Regulations and Acts
viii. Ensure that regulatory requirements are
1 Banks and Other Financial Institutions Act, 1991 (as amended)
incorporated into operational procedures
and manuals where appropriate; 2 Companies and Allied Matters Act (CAMA), 1990
3 Nigerian Deposit Insurance Corporation Act, 1986
ix. Make recommendations whenever
necessary to ensure that laws, regulations 4 Money Laundering Act, 1995 (as amended)
and supervisory requirements are being 5 Economic and Financial Crimes Commission (Establishment) Act, 2002
complied with; 6 Foreign Exchange (Monetary and Miscellaneous Provisions) Decree No. 17 of 1995
x. Establish effective mechanisms for 7 Investments and Securities Act, 1999

reporting and resolving non-compliance 8 Securities and Exchange Commission Rules and Regulations
with laws, regulations or supervisory 9 Nigerian Investment Promotions Commission Act
requirements;
10 Insurance Act, 1997
xi. Document findings, including any 11 National Minimum Wage Act (as amended)
remedial action, as part of the
12 Workmen’s Compensation Act, Cap. 470, Laws of the Federation of Nigeria, 1990
compliance monitoring programme;
13 Labour Act, Cap. 198, Laws of the Federation of Nigeria
xii. In conjunction with Human Capital
14 Nigeria Social Insurance Trust Fund (Establishment) Act
management, recruit sufficient staff
with requisite quality in order to 15 Industrial Training Fund Act, 1971
continuously monitor compliance 16 Trade Union Acts

with laws, regulations and supervisory 17 Trade Disputes Acts
requirements; 18 National Salaries, Incomes and Wages Commission Act, 1993
xiii. In conjunction with Training and 19 Advance Free Fraud and Other Offences Act, 2006
Development, ensure compliance staff 20 All relevant CBN Guidelines 2002–2008 and various
are trained on technical knowledge of
21 CBN Code of Corporate Governance for Banks in Nigeria
regulatory framework and associated
risks; and 22 CBN Policy Statements
23 Various CBN/NDIC/SEC regulatory guidelines and circulars
xiv. Compile and maintain comprehensive
compliance manual for the Group, in
conjunction with line management.

73
Report of the Directors 74 Profit and Loss Account 94
Corporate Governance 79 Statement of Cash Flows 95
Directors and Advisers 84 Notes to the Financial Statements 96
Report of the External Consultant Group Statement of Value Added 127
on the Board Appraisal 85 Bank Statement of Value Added 128
Report of the Independent Joint Auditors 86 Group Five-year Financial Summary 129
Report of the Audit Committee 87 Bank Five-year Financial Summary 130
Statement of Significant Accounting Policies 88
FINANCIAL
Balance Sheet 93
REVIEW

74 Financial Review
REPORT OF THE DIRECTORS

The Directors have pleasure in submitting to the members their report and audited financial statements of the Group for the year
ended March 31, 2009.
1 RESULTS
2009
N’million N’million
The Group profit attributable to ordinary shareholders for the year 12,569
Less: Appropriations:
Transfer to statutory reserve 5,368
Reserve for small-scale industries 1,754 (7,122)
Retained profit transferred to general reserve 5,447
2 Dividend
In respect of the current year, the Directors propose that a dividend of 135 kobo per ordinary share of 50 kobo each amounting to
N33.6 billion be paid to shareholders after approval at the Annual General Meeting. This dividend has not been included as a liability
in these financial statements. The proposed dividend is subject to withholding tax at the appropriate tax rate and is payable to
shareholders whose names appear on the Register of Members at the close of business on Friday, July 10, 2009.
3 Legal Form
T he Bank, which commenced operations in Nigeria in 1894 as a branch of Bank of British West Africa Limited, was incorporated as a
private limited liability company in Nigeria in 1969 and converted to a public company in 1970. The Bank’s shares are quoted on the
Nigerian Stock Exchange.
4 Principal Activities
T he Bank engages in the business of commercial banking whilst its subsidiaries, FBN Bank (UK) Limited, First Registrars Nigeria Limited,
First Trustees Nigeria Limited, FBN Capital Limited, First Pension Custodian Nigeria Limited, FBN Mortgages Limited, First Funds Limited,
FBN Insurance Brokers Limited, FBN Microfinance Bank Limited, and FBN Bureau de Change Limited carry on the business of commercial
banking, registrars, trusteeship, capital market, pension fund custodian, mortgage financing, SMIEIS funds management, insurance
brokerage, microfinance business and bureau de change functions respectively.
5 Business Review and Future Development
The Bank carried out banking activities in accordance with its Memorandum and Articles of Association.
A comprehensive review of the business for the year and the prospects for the ensuing year is contained in the Managing
Director’s report.
6 Fixed Assets
ovements in fixed assets during the year are shown in note 11 on pages 108 and 109. In the opinion of the Directors, the market
M
value of the Bank’s properties is not less than the value shown in the financial statements.
7 Directors
1. The names of the Directors are detailed on page 84.
2. Consequent upon the retirement of Messrs. Jacobs Moyo Ajekigbe OFR and John O. Aboh from the Board of Directors, Mr. Stephen
Olabisi Onasanya and Dr. Yerima, Lawan Ngama were appointed Executive Directors to fill the casual vacancies.
Mrs. Remi Odunlami was also appointed Executive Director to fill the vacant office of Chief Risk Officer previously occupied by Mr.
Sanusi Lamido Sanusi the former Group Managing Director/Chief Executive. Upon his appointment as the Governor, Central Bank
of Nigeria, Mr. Sanusi Lamido Sanusi resigned his appointment with the Bank and in his place, Mr. Stephen Olabisi Onasanya was
appointed as the Group Managing Director/Chief Executive effective June 4, 2009.
In accordance with the Company’s Articles of Association, the following Directors, Alhaji (Dr.) Umaru A. Mutallab, CON; Lt.-Gen. Garba
Duba (rtd.); Alhaji Aliyu Alkali, mni; and Mr. Oye Hassan-Odukale, MFR will retire and being eligible, offer themselves for re-election,
while Mrs. Remi Odunlami, Mr. Stephen Olabisi Onasanya and Dr. Yerima L. Ngama are hereby elected as Directors of the Company.

75

8 Directors’ Responsibilities
T he Directors are responsible for the preparation of the financial statements which give a true and fair view of the state of affairs of the
Bank at the end of each financial year and of the profit or loss for that year and comply with the provisions of the Companies and Allied
Matters Act, CAP C20 LFN 2004 and Banks and Other Financial Institutions Act, CAP B3 LFN 2004. In doing so, they ensure that:
– adequate internal control procedures are instituted to safeguard the assets, prevent and detect frauds and other irregularities;
– proper accounting records are maintained;
– applicable accounting standards are adhered to;
– suitable accounting policies are adopted and consistently applied;
– judgments and estimates made are reasonable and prudent; and
– the financial statements are prepared on the going concern basis unless it is inappropriate to presume that the Bank will continue
in business.
9 Bonus Issue Reserve
T he directors recommend that the sum of N2.072 billion be set aside out of general reserve to be capitalised by issuing 1 (one) ordinary
share of 50 kobo to shareholders as bonus for every 6 (six) ordinary shares previously held.
10 Directors’ Interests
T he interests of the Directors in the issued share capital of the Bank as recorded in the register of Directors’ shareholdings at June 25,
2009 are as follows:
Ordinary shares of 50k each
June 25
2009 2008
Mutallab, Umaru Abdul (Direct) 15,715,956 12,535,348

(Indirect) 276,170,173 220,936,139
Ajekigbe, Jacobs Moyo 11,624,108 7,759,287
Aboh, John Oche 5,051,223 7,769,309
Adesola, Harriet-Ann Omobolanle 10,723,256 5,578,605
Afonja, Ajibola Alarape 19,826 15,861
Duba, Garba 11,383,546 9,834,830
Hassan-Odukale, Oye (Direct) 1,916,668 1,533,335
(Indirect) 37,806,584 20,819,418
Alkali, Aliyu Adamu 595,643 379,869
Mahmoud, Abdullahi 830,996 640,798
Otti, Alex C. 4,357,443 3,485,955
Otudeko, Ayoola Oba (Direct) 4,083,300 3,244,571
(Indirect) 478,005,813 382,404,651
Oyelola, Oladele 4,538,654 3,629,429
Sanusi, Sanusi Lamido 131,708 835,797
Udo-Aka, Udo (Direct) 5,079,181 4,063,345
(Indirect) 2,756,935 2,205,548
Lawanson, Kehinde A. 3,831,570 2,965,256
Onasanya, Stephen Olabisi 2,328,046 –
Ngama, Yerima Lawan 2,459,932 –
Ajumogobia, Ibiai Alaliba 50,312 –
Odunlami, Remi 14,781 –
None of the Directors has notified the Bank for the purposes of Section 277 of the Companies and Allied Matters Act, CAP C20 LFN
2004 of any disclosable interests in contracts in which the Bank was involved as at June 25, 2009.
76 Financial Review

11 Analysis of Shareholdings
1. The shares of the Bank at March 31, 2009 were fully owned by Nigerian citizens, associations and foreign investors.
2. The range of shareholding as at March 31, 2009 is as follows:
Range No. of No. of
of holdings shareholders shares %
1 – 1,000 309,196 188,598,381 0.76

1,001 – 5,000 567,226 1,304,614,906 5.25
5,001 – 10,000 135,763 968,280,655 3.89
10,001 – 50,000 244,792 4,371,320,533 17.58
50,001 – 100,000 19,519 1,360,577,280 5.47
100,001 – 500,000 15,525 3,013,435,284 12.12
500,001 – 1,000,000 1,801 1,243,517,730 5.00
1,000,001 – 5,000,000 1,457 2,786,371,218 11.21
5,000,001 – 10,000,000 192 1,362,248,223 5.48
10,000,001 – 50,000,000 190 3,668,780,961 14.76
50,000,001 – 100,000,000 23 1,525,032,562 6.13
100,000,001 – 24,862,540,460 17 3,069,762,727 12.35
1,295,701 24,862,540,460 100.00

77

12 Donations and Sponsorship

Donations made during the year amounted to N1.2 billion. The recipients were:

Amount (N)
Cross River State Christmas Carnival 150,000,000

Upgrading of NUGA VIP Centre/Senior Staff Club, University of Nigeria, Nsukka 91,200,000
Construction of a Medical Centre for the people of Lagos 50,000,000
Construction of Faculty of Social Science Building, University of Port Harcourt 50,000,000
International Conference on Food & Security 41,260,186
Construction of 500-seater Lecture Theatre at Obafemi Awolowo University, Ile Ife 38,430,219
Nigerian Economic Summit Group 34,282,050
Construction of Lecture Hall Federal University of Technology, Minna 28,690,341
Lagos Amateur Open Golf Championship 26,503,737
Investors Road Show: Nigerian Gas Masterplan Infrastructure Blueprint (NNPC) 25,000,000
South-South Economic Summit 25,000,000
Administrative Block of Loyola Jesuit Memorial College, Port Harcourt 24,600,000
Nigeria Leadership Initiative Future Leaders Seminar 23,800,500
2008 Edition of the Nigerian Business & Investment Promotion Commission 23,780,000
Nigeria Investment Promotion Council: International Investors Council Meeting 21,000,000
2008 National Sports Festival: Kaduna State Government 20,000,000
Maiden Edition of Nigeria’s CEO Forum 20,000,000
The Nigerian Police: Marathon Race Against Crime 20,000,000
Imo State Government 17,500,000
Anambra State Government 16,750,000
Partnership with Students In Free Enterprise (SIFE) 15,000,000
The Royal Durbar event of the 2008 Abuja Carnival 15,000,000
4th Economist Conference by Economist Magazine 14,550,000
Free Eye Camp by Zakkah and Husbi Commission, Kano State 14,000,000
Lagos Chamber of Commerce & Industry: 2008 Lagos International Trade Fair 13,000,000
Enugu State Government 12,750,000
Hosting of Business & Investment Forum by Nigerian Government in Brazil 11,880,000
Arrive Alive Road Safety Initiative 11,700,000
World Economic Forum Summit 11,600,000
Trade Capacity Building Programme: (AGOA & Beyond) 11,132,350
Others 351,104,605
Total 1,229,513,988

78 Financial Review

13 Employment and Employees

1. Employment of physically challenged persons
It is the policy of the Bank that there should be no discrimination in considering applications for employment including those from
physically challenged persons. All employees whether or not physically challenged are given equal opportunities to develop. As at
March 31, 2009, 14 physically challenged persons were employed by the Bank.
2. Health, safety at work and welfare of employees
Health and safety regulations are in force within the Bank’s premises and employees are aware of existing regulations. The Bank
provides subsidy to all levels of employees for medical, transportation, housing, etc.
3. Employees’ involvement and training
The Bank is committed to keeping employees informed as much as possible regarding the Bank’s performance and progress and
seeking their views whenever practicable on matters which particularly affect them as employees.
Management, professional and technical expertise are the Bank’s major assets and investment in their further development
continues.
he Bank’s expanding skill base has been extended by a range of training provided to its employees whose opportunities for career
T
development within the Bank have thus been enhanced.
Training is carried out at various levels through both in-house and external courses.
14 Post Balance Sheet Events

There are no post balance sheet events that could have had a material effect on the state of affairs of the Bank as at March 31, 2009
which have not been adequately provided for or disclosed.
15 Audit Committee
Pursuant to Section 359(3) of the Companies and Allied Matters Act, CAP C20 LFN 2004, the Bank has in place an Audit Committee
comprising three shareholders and three Directors as follows:
Alhaji Bashir A. Mohammed – Chairman/Shareholder
Mr. Chinwendu N. Achara – Shareholder
Chief Timothy A. Adesiyan – Shareholder
Lt.-Gen. Garba Duba (rtd.) – Non-Executive Director
Mr. Oye Hassan-Odukale, MFR – Non-Executive Director
Alhaji Aliyu A. Alkali, mni – Non-Executive Director
The functions of the Audit Committee are as laid down in Section 359(6) of the Companies and Allied Matters Act, CAP C20 LFN 2004.
16 Auditors
Messrs. Akintola Williams Deloitte and PKF Pannell Kerr Forster having indicated their willingness to continue in office will do so in
accordance with Section 357(2) of the Companies and Allied Matters Act, CAP C20 LFN 2004.
A resolution will be proposed at the Annual General Meeting to authorise the Directors to determine their remuneration.
BY ORDER OF THE BOARD
Tijjani M. Borodo
Company Secretary
35 Marina, Lagos, Nigeria
June 25, 2009

79
CORPORATE GOVERNANCE
1 Introduction 2 Shareholding
FirstBank recognises the growing indispensability of good With a base in excess of 1.3 million, FirstBank, arguably, has the
corporate governance practice to the sustenance and profitable largest number of shareholders of the companies quoted on The
management of any organisation committed to delivering value to Nigerian Stock Exchange. No single shareholder owned up to
its shareholders and host communities. During the period under 5% of the issued ordinary shares of the Bank, thus making for
review, the Bank upgraded the corporate governance framework a diversified ownership structure, giving the Bank access to a
for itself and its subsidiaries. broad and rich pool of talents available for its Board and allied
committees.
The general tendency has been to discuss the impact of the
current global economic crisis in terms of macro-economics. For 3 Reporting Standards
the financial services sector, this has meant making a strong case
In a bid to further strengthen its corporate governance standards
for strengthening the regulatory standards and framework in line
and enhance transparency and disclosure in its financial reports, the
with the systemic risks posed by each financial institution. The
Bank has adopted the International Financial Reporting Standards
crisis exposed real and potential dangers at the company level,
(IFRS) as certified by the International Accounting Standards Board.
notably the increase in risk appetites, and the slackening of loan
By so doing FirstBank aligns with the strongest global standards of
covenants in the run-up to the crisis. In other words, a number
transparency in financial reporting.
of corporate governance failures, including a dissonance between
compensation arrangements that encouraged risk-taking (especially In today’s global market where investors seek opportunities in
over near-term horizons) without sanctioning shortcomings, lie at markets outside their home economies, the need for financial
the heart of this crisis. Beyond this, however, is the question of statements to be comparable on the same basis across territories
how complicit institutional investors (universal owners) have been is an imperative. The adoption of IFRS by FirstBank will enhance
in the evolution of the crisis. shareholder value and bring added benefits to its business
relationships with numerous overseas correspondent banks,
To the extent that the domestic economy has felt the second round
multilateral organisations and international investors that require
effects of the global crisis, the industry’s commitment to strong
financial statements to make informed decisions about the Bank.
corporate governance practice has been brought to the fore. At
FirstBank, our strong corporate governance suite has seen us fare At the moment, IFRS is not a regulatory requirement in Nigeria
better than most of the industry. This commitment transcends a although efforts are reportedly underway to promote a convergence
religious adherence to the tenets of the local corporate governance between IFRS and local accounting standards. The IFRS regime
codes to include ensuring the integrity of the Bank’s accounting requires more detailed disclosures on risk management, insider-
and financial reporting. In addition, we have continued to pay related transactions and changes in accounting policies than obtains
heed to the best of breed investment governance practice required under the local Statements of Accounting Standards (SAS).
to deliver sustainable value to our shareholders.
To meet local reporting requirements, we will continue to produce
Consequently, during the year, the Bank implemented a new financial reports in compliance with both IFRS and SAS until
Group governance framework in line with tested governance local regulatory requirement makes full convergence of the two
practices in order to better govern and control the subsidiary standards mandatory.
companies. As a result, some of the Bank’s Board and related
4 Governance Structure
committees underwent changes. Prominent amongst these
was the re-designation of the Nominations & Remuneration 4.1 The Board
Committee as the Board Governance Committee to reflect fully FirstBank’s Board comprises 16 members, eight of whom are Non-
the committee’s responsibilities for articulating and overseeing Executive Directors, and eight Executive Directors. One of the
corporate governance practices within the Group. In addition, the eight Non-Executive Directors (none of whom exercises executive
Group Management Steering Committee (GMSC) was renamed powers) chairs the Board. In addition, none of the eight Executive
the Group Management Committee, acknowledging its transition Directors represents specific shareholder interests, nor is in any
from a consultative group to a decision-making body responsible special business relationship with the Bank. In the review period,
for ensuring the performance and implementation of the the Bank created the office of Chief Financial Officer, coalescing
Group strategy. in one office all the responsibility of the Bank’s financial control
and planning, and management of the critical interfaces with
Other changes to the Bank’s governance structure during the year,
institutional investors. This latter function flows from recognition
were amendments to the composition of committees as a result
of greater disclosure levels and transparency standards conferred
of the appointments of Dr. Yerima Ngama as Executive Director
on us as a result of the economy’s growing integration with the
(January 1, 2009), and Ms. Ibiai Ajumogobia as Non-Executive
global economy, and the resulting interest in domestic assets by
Director (August 20, 2008). Mr. Bisi Onasanya (January 1, 2009),
non-resident investors.
and Mrs. Remi Odunlami (March 3, 2009) were appointed
Executive Director, Banking Operations & Services, and Chief Risk 4.1.1 The Roles of the Board
Officer respectively. Meanwhile, Mr. Jacobs Moyo Ajekigbe, former The primary purpose of the Board is to create and deliver
Managing Director/CEO, and Mr. John O. Aboh, former Executive sustainable long-term value to shareholders through its general
Director, Banking Operations & Services both retired from service supervision of the Bank’s business. As part of this goal, FirstBank
on December 31, 2008. has always maintained different and separate roles for the
“Chairman” and “Managing Director/Chief Executive (MD/CE)”

80 Financial Review
of its Board. Accordingly, the Chairman directs the Board, ensuring The roles and responsibilities of these committees are discussed
that it operates effectively, while fully discharging its legal and below.
regulatory obligations. Having been appointed to serve in the best
4.2.1 Executive Committee, General (EXCO General)
interests of the Bank and its shareholders, Non-Executive Directors
The Executive Committee deliberates and decides on policies
consider, challenge, monitor and approve strategies and policies
for the effective and efficient management of the Bank at its
recommended by Management.
fortnightly meetings. It is also a first line referral point for issues
For the most part, FirstBank’s corporate governance framework is to be discussed at the Board. Consequently, EXCO’s primary
driven by the needs of its large shareholder base, structured along responsibility is to ensure implementation of strategies approved
best global practice lines, and conforming to the country’s existing by the Board, provide leadership to the management team, and
corporate governance codes. Under this framework, the Board, ensure efficient deployment and management of the Bank’s
representing shareholders, delegates responsibility for the day-to- resources. Its Chairman is responsible for the day-to-day running
day management of the Bank to the GMD/CE, who is supported in of the Bank.
this task by the Executive Committee, which he chairs. Compliance
4.2.2 Executive Committee, Credit (EXCO Credit)
with relevant statutes and regulations require the Board to provide
This committee considers loan applications above certain limits.
strategic guidance to the Bank, including effectively monitoring
Such applications will have been reviewed and endorsed by the
executive management.
Risk & Management Control Directorate. It also considers loan
Specifically, the roles of FirstBank’s Board of Directors are: requests above certain limits, which need to be referred to the
Board, as well as agreeing changes to the Bank’s credit policy.
i. Determining the Bank’s objectives and strategies as well as
plans to achieve them; 4.2.3 Board Credit Committee
This committee considers loan applications above certain limits
ii. Determining the terms of reference and procedures of the Board
and which have been approved by EXCO Credit. It also serves as
Committees, including reviewing and approving the reports of
a catalyst for credit policy changes going from EXCO Credit to the
such committees where appropriate;
Board for consideration/approval.
iii. Maximising shareholder value through the setting of objectives,
4.2.4 Board Tenders Committee
goals, and strategic direction for management;
The Board Tenders Committee considers all capital projects beyond
iv. Considering and approving annual budgets, monitoring the approval limit of the Executive Committee (General) and makes
performance, and ensuring that the Bank remains a going recommendations for the consideration of the Board.
concern;
4.2.5 Board Establishment, Disciplinary & Promotion
v. Ensuring that an adequate budgetary and planning process Committee
exists, such that performance is measured against budget and This committee considers staff matters in respect of senior officers
plans; on Principal Manager grade and above.
vi. Approving, amongst others, acquisition, mergers, business 4.2.6 Audit Committee
combinations, equity investments and new strategic alliances Established in compliance with Section 359(6) of the Companies
by the Bank and its subsidiaries; and Allied Matters Act, 1990, the committee has oversight
responsibility for the Bank’s accounts.
vii. Ensuring that an effective risk management process exists and
is maintained; 4.2.7 Board Audit & Risk Assessment Committee
The Board Audit & Risk Assessment Committee has oversight
viii. Ensuring balanced and understandable reporting to
responsibility for the internal audit and control, and risk assessment
shareholders; and
and compliance functions of the Bank. The Chief Internal Auditor
ix. Retaining ultimate responsibility for systems of financial, and Chief Compliance Officer have access to this committee
operational, and internal control and regulatory compliance, as and make quarterly presentations for the consideration of its
well as ensuring that statutory reporting of these is adequate. members.
4.2 Standing Committees 4.2.8 Board Governance Committee
The Board discharges its responsibilities through a number of This committee is responsible for articulating and overseeing the
standing committees whose charters are reviewed regularly. These FirstBank Group’s corporate governance practices. Within this
charters define the purpose of the committees, their composition, broad remit, it considers and periodically reviews the composition
and structures, frequency of meetings, responsibilities and duties, of the Boards of the Bank and its subsidiaries and recommends the
and reporting lines to the Board. In addition to the two Executive appropriate mix, in terms of personal qualities, expertise, ability to
Committees (General and Credit), the Board oversees the affairs of exercise independent judgment and diversity required to discharge
the Bank through seven standing committees as shown in the 4.2 the Board’s duties. It also determines and executes processes for
Standing Committees table, overleaf. Board appointments, removal of non-performing members of the
Board, and recommends appropriate remuneration for Directors.

81
4.2 Standing Committees
1. Board of Directors Alhaji (Dr.) U. A. Mutallab, CON (Chairman)

Group Managing Director/Chief Executive
Executive Directors (7)
Non-Executive Directors (7)
2. Executive Committee Group Managing Director/Chief Executive (Chairman)

(General) Executive Directors (7)
3. Executive Committee (Credit) Group Managing Director/Chief Executive (Chairman)

4. Board Credit Committee Prince Ajibola A. Afonja (Chairman)

Lt.-Gen. Garba Duba (rtd.)
Mr. Oye Hassan-Odukale, MFR
Mallam Abdullahi Mahmoud
Dr. Oba Otudeko, OFR
5. Board Tenders Committee Lt.-Gen. Garba Duba (rtd.) (Chairman)

ED (Banking Operations & Services)
ED (Chief Risk Officer)
Mallam Abdullahi Mahmoud
6. Board Establishment, Dr. Oba Otudeko, OFR (Chairman)

Promotion & Disciplinary Group Managing Director/Chief Executive
Committee
ED (Banking Operations & Services)
ED (West)
Prince Ajibola A. Afonja
Ms. Ibiai Ajumogobia
7. Audit Committee Alhaji, Aliyu Alkali, mni

Lt.-Gen Garba Duba (rtd.)
Chief Financial Officer (in attendance)
Three representatives of shareholders elected annually at the Bank’s AGM, one
of whom is the Chairman (Alhaji Bashir Mohammed – Chairman, Chief Timothy
Adesiyan and Mr. Chinwendu Achara)
8. Board Audit & Risk Mallam Abdullahi Mahmoud (Chairman)

Assessment Committee ED (Banking Operations & Services)
ED (Chief Risk Officer) (Ex Officio)
Ms. Ibiai Ajumogobia
Alhaji Aliyu Alkali, mni
9. Board Governance Committee Dr. Oba Otudeko, OFR (Acting Chairman)

Group Managing Director/Chief Executive (in attendance)
Lt.-Gen Garba Duba (rtd.)
Prince Ajibola A. Afonja

82 Financial Review
5 Board Meetings
The Bank’s Board and committee meetings, and members’ attendance at these meetings are presented in the table below:
Board Credit Committee

Promotions Committee
Assessment Committee
Board Establishment,
Board Audit & Risk
Board Governance
Audit Committee
Board Tenders
EXCO General
Disciplinary &
EXCO Credit
Committee
Committee
Directors
Board
NUMBER OF MEETINGS 6 36 - 2 4 5 4 5 42
Alhaji U. A. Mutallab, CON 6 - - - - - - - -
Mr. Sanusi Lamido Sanusi 6 27 - - 2 3 - 5 28
Mrs. Bola Adesola 6 29 - - - - - 3 31
Prince Ajibola A. Afonja 6 - - 2 - 5 - 5 -
Alhaji Aliyu A. Alkali, mni 3 - - - - - 2 - -
Mr. Kehinde Lawanson 6 29 - 2 - - - 5 29
Lt.-Gen. Garba Duba (rtd.) 6 - - - - 5 4 5 -
Mr. Oye Hassan-Odukale, MFR 6 - - - 2 - 3 5 -
Mallam Abdullahi Mahmoud 6 - - - 4 - - 5 -
Mr. Alex C. Otti 5 27 - - - - - 2 32
Dr. Oba Otudeko, OFR 6 - - 2 - 5 - 4 -
Mr. Oladele Oyelola 6 29 - - 3 - - 3 31
Ms. Ibiai Ajumogobia 4 - - - - - - - -

(Appointed August 20, 2008)
Dr. Yerima Ngama 2 5 - - - - - - 6

(Appointed January 1, 2009)
Mr. Bisi Onasanya 2 15 - - 1 - - 2 13

(Appointed January 1, 2009)
Mrs. Remi Odunlami 1 5 - - 1 - - 1 3

(Appointed March 16, 2009)
Mr. Jacobs M. Ajekigbe, OFR 4 17 - 2 - 4 - 3 20

(Resigned December 31, 2008)
Dr. Udo Udo-Aka, MON 3 - - 1 2 - - - -

(Resigned August 20, 2008)
Mr. John O. Aboh 2 7 - - 1 - - 1 9

(Resigned December 31, 2008)

83
Without prejudice to the foregoing, committee meetings may • Head, Business Performance Monitoring Member
be convened on a ’need-to-meet‘ basis. Meetings of the Audit
• Head, Business Improvement Member
Committee, which are statutory and are convened only to consider
audit reports, are unlike others, not scheduled. • Head, Application Solutions Secretary
6 Support Committees Finance & Operations Committee
Five standing committees provide strategic support to the • Chief Strategy Officer Chairman
management of the Bank. These standing committees are first-line
• Representative of Corporate Banking SBU Member
decision-making bodies in a chain that reaches all the way to the
Board of Directors through the Executive Committee. • Head, Credit Risk Management Member
The committees and their membership are listed below: • Head, Consumer Banking Products Member
Assets & Liabilities Management Committee • Head, Domestic Operations Member
• Group Managing Director/Chief Executive • Representatives of Regional Directorates Members
• All Executive Directors • Chief Internal Auditor Member
• Chief Strategy Officer • Head, Treasury Member
• Head, Financial Control • Head, Foreign Operations Member
• Head, Treasury • Head, Financial Control Member
• Head, Business Performance Monitoring • Chief Compliance Officer Member
• Head, Market & Liquidity Risk Management Group Management Committee
Information Technology Steering Committee • Group Managing Director/Chief Executive Officer Chairman
• GMD/CEO Chairman • All Executive Directors Members
• All Executive Directors Members • Managing Directors of all the Subsidiaries Members
• Head, Information Technology Member • Chief Strategy Officer (In attendance)
• Chief Compliance Officer Member • Head Financial Control (In attendance)
• Head, Financial Control Member • Head, Business Performance Monitoring (In attendance)
• Head, Foreign Operations Member • Company Secretary (In attendance)
• Head, Treasury Member 7 Shareholder Participation and Activism
• Head, Human Capital Management Member FirstBank has always taken seriously its responsibility to fully
disclose to shareholders material developments in the Bank and in
• Chief Internal Auditor Member
its operating environment, which may impinge on their interests.
• Head, Public Sector Abuja Member However, the broadening in recent times of the Bank’s shareholder/
investor universe, led in the review period to the creation of a
• Business Development Manager, Apapa Member
dedicated Investor Relations Department in the office of the Chief
• Head, Domestic Operations Member Financial Officer.
• Business Development Manager, Kano Member This department will be the clearing house for all shareholder/
investor inquiries, especially pertaining to the Bank’s stock or
• Head, IT Operations & Infrastructure Member
financial stability. The key deliverable here is the provision of
• Head, General Services Member an interactive space for the Bank, its subsidiaries, the financial
community, its shareholders and other stakeholders to share
• Head, Products & Channels Member
information in a way that strengthens the valuation of the Bank’s
• Head, Service Desk & Support Member shares.
• Chief Strategy Officer Member In line with the provisions of Sections 5.4.5, 5.4.6, and 5.4.7 of the
CBN’s Code of Corporate Governance for Banks, the consultants also
• Head, Internal Control & Reconciliation Member
conducted an appraisal of the Board of Directors for the year ended
• Head, EDP Internal Audit Member March 2009. Their report is reproduced on page 85.
• Branch Manager, Rumuomasi Branch, PH Member

84 Financial Review
DIRECTORS AND ADVISERS
Directors COMPANY SECRETARY

Mutallab, Umaru Abdul, CON – Chairman Borodo, Tijjani Mohammed
Onasanya, Bisi – Appointed Executive Director on January 1, 2009
and Group Managing Director/Chief Executive on June 4, 2009 REGISTERED OFFICE
Sanusi, Lamido Sanusi – Appointed Group Managing Director/ Samuel Asabia House
Chief Executive on January 1, 2009 and resigned on June 4, 2009 35 Marina, Lagos
Ajekigbe, Jacobs Moyo, OFR – Resigned December 31, 2008
REGISTRAR
Aboh, John Oche – Resigned December 31, 2008
First Registrars Nigeria Limited
Adesola, Harriet-Ann Omobolanle
Plot 2, Abebe Village Road
Afonja, Ajibola Alarape Iganmu, Lagos
Ajumogobia, Ibiai Alaliba – Appointed August 20, 2008
AUDITORS
Alkali, Aliyu Adamu, mni
Akintola Williams Deloitte
Duba, Garba
(Chartered Accountants)
Hassan-Odukale, Oye, MFR 235 Ikorodu Road, Ilupeju
Lagos
Lawanson, Kehinde Adebo
PKF Pannell Kerr Forster
Mahmoud, Abdullahi
(Chartered Accountants)
Ngama, Yerima Lawan (Dr). – Appointed January 1, 2009 Toloye House
362 Ikorodu Road/1A Okupe Estate
Odunlami, Remi – Appointed March 16, 2009 Maryland
Otti, Alex Chioma Lagos
Otudeko, Oba OFR

Oyelola, Oladele
Udo-Aka, Udo, MON – Resigned August 20, 2008

85
REPORT OF THE EXTERNAL CONSULTANT

ON THE BOARD APPRAISAL
We conducted the appraisal of the board of First Bank of Nigeria Plc (“First Bank” or “the Bank”) for the year ended March 31, 2009
in accordance with the standards set by the Central Bank of Nigeria (CBN) Code of Corporate Governance for Banks in Nigeria Post
Consolidation (“the CBN Code”). Corporate governance is the system by which business corporations are directed and controlled to
enhance performance and long term shareholder value.
First Bank’s board size and composition are in line with the CBN Code, except for the appointment of independent directors and ensuring
that the number of non-executive directors exceeds the number of executive directors. Board members demonstrate the requisite
business experience and are knowledgeable about financial matters. The roles of the chairman of the board and the managing director
of the Bank are clearly defined and separated and the board chairman is neither a chairman nor member of any board committee.
There are formal documented charters for the board and board committees.
The board has an annual cycle of agenda items. Board and board committee meetings were held regularly on at least a quarterly basis
except for certain board committee meetings. In each of the meetings held, an adequate quorum was formed and advance notice and
board papers were sent to the board members prior to the meetings. The board is involved in formulating the overall corporate strategy
for the Bank and organises an annual retreat to review and approve changes to the Bank’s strategy. The Board has established a risk
management framework for managing the risk of the Bank.
The principal recommendations arising from our appraisal of the board of directors of First Bank of Nigeria Plc, in accordance with the
CBN Code, were in the following areas: appointment of independent directors, director’s induction and training programme, directors’
remuneration and frequency of board committee meetings.
KPMG PROFESSIONAL SERVICES

Lagos, Nigeria
June 25, 2009

86 Financial Review
REPORT OF THE INDEPENDENT JOINT

AUDITORS TO THE MEMBERS OF FIRST
BANK OF NIGERIA PLC
Report on the Financial Statements

We have audited the accompanying financial statements of First Bank of Nigeria Plc as at March 31, 2009, set out on pages 88 to 130,
which have been prepared on the basis of significant accounting policies on pages 88 to 92 and other explanatory notes on pages
96 to 126.
Directors’ Responsibility for the Financial Statements
The Directors are responsible for the preparation and fair presentation of these financial statements in accordance with the Companies
and Allied Matters Act, CAP C20 LFN 2004, statements issued by the Nigerian Accounting Standards Board and the Banks and Other
Financial Institutions Act, CAP B3 LFN 2004. This responsibility includes designing, implementing and maintaining internal controls
relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due
to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in
the circumstances.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance
with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance as to whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.
The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal controls relevant
to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal controls. An audit
also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by
Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the Group and the Bank have kept proper accounting records and the financial statements are in agreement with the
records in all material respects and give in the prescribed manner, information required by the Companies and Allied Matters Act, CAP
C20 LFN 2004 and the Banks and Other Financial Institutions Act, CAP B3 LFN 2004. The financial statements give a true and fair view
of the financial position of First Bank of Nigeria Plc as at March 31, 2009, and of its financial performance and its cash flows for the
year then ended in accordance with the Statement of Accounting Standards issued by the Nigerian Accounting Standards Board and
relevant circulars issued by the Central Bank of Nigeria.
Report on Compliance with Banking Regulations
We confirm that our examination of loans and advances was carried out in accordance with the Prudential Guidelines for licensed
banks issued by the Central Bank of Nigeria.
Related party transactions and balances are disclosed in Note 46 to the financial statements in accordance with the Central Bank
of Nigeria Circular BSD/1/2004.
Contraventions
No contravention of the Banks and Other Financial Institutions Act, CAP B3 LFN 2004 was brought to our attention during the audit
of the financial statements for the year ended March 31, 2009.
Chartered Accountants Chartered Accountants

Lagos, Nigeria Lagos, Nigeria
June 25, 2009 June 25, 2009

87
REPORT OF THE AUDIT COMMITTEE

TO THE MEMBERS OF FIRST BANK
OF NIGERIA PLC
In compliance with Section 359(6) of the Companies and Allied Matters Act 1990, we have reviewed the Audit Report for the year
ended March 31, 2009 and hereby state as follows:
1. The scope and planning of the audit were adequate in our opinion;
2. The accounting and reporting policies of the Company conformed with statutory requirements and agreed ethical practices;
3. The internal control was being constantly and effectively monitored;
4. The external auditors’ management report received satisfactory response from Management; and
5. The Committee reviewed the Audit Report on insider-related party transactions and are satisfied with their status as required by
Central Bank of Nigeria (CBN).
Dated June 23, 2009
Alhaji Bashir A. Mohammed

Chairman, Audit Committee
Members of the Committee

Alhaji Bashir A. Mohammed
Lt.-Gen. Garba Duba (rtd.)
Alhaji Aliyu A. Alkali, mni
Chief Timothy A. Adesiyan
Mr. Chinwendu N. Achara

88 Financial Review
STATEMENT OF SIGNIFICANT
ACCOUNTING POLICIES
The following represent the statement of significant accounting policies adopted by the Group in the preparation of its
financial statements:
1 Basis of accounting
The financial statements are prepared under the historical cost convention modified to include the revaluation of certain land
and buildings.
2 Basis of consolidation
i) Subsidiaries
The Group financial statements incorporate the financial statements of the Bank and eight of its wholly-owned subsidiaries namely:
FBN Bank (UK) Limited, FBN Capital Limited, First Trustees Nigeria Limited, First Registrars Nigeria Limited, FBN Mortgages Limited,
FBN Insurance Brokers Nigeria Limited, First Pension Custodian Limited and First Funds Limited all made up to 31 March. Control exists
when the Bank has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits
from its activities.
In line with the Statement of Accounting Standards (SAS) 27, the operating result of First Funds Limited is being consolidated during
the year for the first time.
All intra-Group transactions, balances, income and expenses are eliminated on consolidation.
ii) Investments in associated company
Investments in associated company are carried on the balance sheet on equity basis in line with SAS 28. Profit and losses are eliminated
to the extent of the Group’s interest in the associated company.
iii) Foreign operations
The assets and liabilities of foreign entities are converted to naira at the ruling exchange rates at the reporting date except for share
capital and pre-acquisition reserve, which are translated at their historical rates. Income and expenses are translated to naira using
average rates. Difference arising from this is taken to exchange difference reserve.
3 Cash and balances with Central Bank

Cash and balances with Central Bank comprise cash balances on hand, balances with the Central Bank of Nigeria and other banks and
financial institutions (local and foreign). The balance is stated less provision for doubtful balances.
4 Treasury bills
Holdings in treasury bills are stated at face value as it is the Bank’s policy to hold these to maturity.
5 Marketable securities
Marketable securities held by the Bank and Group are valued at the lower of cost and market value, determined on an item-by-item
basis. Unrealised losses are charged to the profit and loss account.
All gains and losses from sale of marketable securities are reported in the profit and loss account.

89
ACCOUNTING POLICIES
6 Trading securities
Trading securities comprise government bonds and other securities.
i) Trading securities held for fixed redemption date are stated at cost.
ii) Dealing securities are stated at market value.
iii) Premiums and discounts arising on purchase are amortised on the yield to redemption.
7 Investments
Investments are classified as short- or long-term investments.
i) Short-term investments
Debt and equity securities held for a period not exceeding one year are classified as short-term investments.
ii) Long-term investments
Investments intended to be held for over a period exceeding one year, which are either held to maturity or available for sale in response
to needs for liquidity or changes in interest rates, exchange rates or equity prices are classified as long-term investments.
iii) Valuation
a) Quoted investments other than dated securities are stated:
– At the lower of cost and market value for short-term investments;
– At cost for long-term investments. Provision is made for permanent diminution in the value of the investments.
b) Unquoted investments are held as long term and stated at cost less provision for diminution in values.
c) Dated securities are stated at cost.
d) Investments in subsidiaries are stated at cost.
8 Investment properties
Investment properties which are held for capital appreciation and subsequent disposal, are measured initially at their cost, including
transaction costs. Subsequent to initial recognition, investment properties are measured at fair value. They are stated at cost or net
realisable value.
9 Bad and doubtful accounts

Loans and advances are stated after the deduction of provisions against debts considered doubtful of recovery. Loans are classified
as performing and non-performing and are considered non-performing when principal and or interest repayment obligations are in
arrears for over three months. Specific provisions are made on non-performing accounts as follows:
Interest and/or principal outstanding for Classification Provision
More than 90 days but less than 180 days Sub-standard 10%
180 days but less than 360 days Doubtful 50%
360 days and over Lost 100%
A general provision of 1% is made on all performing balances in line with the Prudential Guidelines of the Central Bank of Nigeria.

90 Financial Review
ACCOUNTING POLICIES
10 Interest
Interest on advances is accrued to profit until such a time as reasonable doubt exists about its collectability. Interest accruing on non-
performing accounts is treated as interest in suspense and not taken to the credit of profit and loss account until the debt is recovered.
11 Advances Under Finance Lease

Advances to customers under finance leases are stated net of unearned income. Lease finance is recognised in a manner, which
provides a constant yield on the outstanding net investment over the lease period.
Provisions are determined from a specific assessment of each customer’s account and relate to those advances considered doubtful in
line with the Central Bank of Nigeria Prudential Guidelines for Licensed Banks. A general provision of 1% is made on advances which
have not been specifically provided for.
Income arising there from is allocated to each year on the basis of the annual finance charges that are equivalent to the implicit interest
rate agreed on the facility.
12 Fixed Assets
Fixed assets are stated at cost or valuation less accumulated depreciation.
13 Depreciation
Depreciation is provided to write off the cost of fixed assets over their estimated useful lives on a straight line basis at the following
annual rates:
Freehold buildings – 2% from date of use
Leasehold buildings – 2% for leases of 50 years and above over expected life in case of leases under 50 years
Motor vehicles – 25%
Computer equipment – 33¹⁄³%
Furniture & fittings – 20%
Plants & Machinery – 20%
14 Foreign currencies
Transactions in foreign currencies are translated to naira at the rate of exchange ruling at the date of the transactions.
Foreign currency balances are converted to naira at the rate of exchange ruling at the balance sheet date and the resultant profit or loss
on conversion is taken to profit and loss account in respect of Bank-owned funds and the rest charged/credited to third parties.
15 Taxation
i) Income tax
Income tax is provided on taxable profit at the current statutory rate.
ii) Deferred taxation
Deferred taxation, which arises from timing differences in the recognition of items for accounting and tax purposes, is calculated using the
liability method. Deferred income tax assets and liabilities are measured at the rates that are expected to apply to the year when the asset
is realised or the liability settled, based on the tax rates and tax laws that have been enacted at the balance sheet date.

91
ACCOUNTING POLICIES
16 Borrowings
Borrowings are recorded at the proceeds received, plus direct issue costs. The capitalised direct issuing costs are amortised over the
tenor of the underlying instrument.
17 DividendS
Dividends to shareholders are recognised as liabilities only when declared and agreed by the shareholders at the Annual
General Meeting.
18 Retirement benefits
Arrangements for retirement benefits for members of staff are based on the provisions of the Nigeria Pension Reform Act 2004, which
is contributory. The matching contributions of 8.5% and 16.5% for staff and Bank respectively are based on current salaries and
eligible allowances and are charged to the profit and loss account. Membership of the scheme is open to members upon confirmation
of employment with the Bank.
19 Off Balance Sheet Engagements

Transactions that are not currently recognised as assets or liabilities in the balance sheet but which nonetheless give rise to credit
risks, contingencies and commitments are reported off balance sheet. Such transactions include letters of credit, bonds, guarantees,
indemnities, acceptances, trade related contingencies such as documentary credit, etc.
Outstanding and unexpired commitments at year end in respect of these transactions are shown by way of note to the
financial statements.
Income on off balance sheet engagements is in form of commission, which is recognised as and when transactions are executed.
20 Earnings per share

The Group and the Bank present basic earnings per share (EPS) for ordinary shares. Basic EPS is calculated by dividing the profit or loss
attributable to ordinary shareholders of the Bank by the weighted average number of shares outstanding during the year.
21 Income recognition
i) Interest income and interest expense
Interest is accrued on daily balances on all assets and liabilities to which interest is applicable.
ii) Fees, commissions and other income
Fees and commissions, where material, are amortised over the life of the related service. Otherwise fees, commissions and other
income are recognised as earned upon completion of the related service.
iii) Lease finance income
This is recognised on a basis that provides a constant yield on the outstanding principal over the lease term.
iv) Dividend
This is recognised on actual basis and credited to the profit and loss account.
v) Custody fee income
This is recognised on accrual basis when the service is rendered and is net of taxes.
vi) Financial advisory
This is recognised over the period for which the service is provided.

92 Financial Review
ACCOUNTING POLICIES
22 Provision
Provision is recognised when the Bank has a present obligation whether legal or constructive as a result of a past event for which it is
probable that an outflow of resources embodying economic benefits will be required to settle the obligation in accordance with the
Statement of Accounting Standard (SAS) 23.
23 Managed funds
Managed funds represent funds invested by some subsidiaries on behalf of customers.
24 Segment reporting
A segment is a distinguishable component of the Bank and Group that is engaged in providing related products or services (business
segment), or in providing products or services within a particular economic environment (geographical segment), which is subject to
risk and rewards that are different from those of other segments.
Segment information is presented in respect of the Bank’s and Group’s business and geographical segments. The business segments
are determined by management based on the Bank’s internal reporting structure.
Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a
reasonable basis.

93
BALANCE SHEET
as at March 31, 2009
The Group The Bank
2009 2008 2009 2008

Assets
Cash and balances with Central Bank 2 140,403 88,351 140,353 88,302
Due from banks and other financial institutions 3 764,048 560,879 510,722 280,033
Treasury bills 17,697 115,480 17,697 115,480
Trading securities 4 153,347 100,665 151,111 93,396
Managed funds 5 36,894 56,021 - -
Investments 6 47,680 54,142 65,336 71,532
Investment properties 7 6,098 1,974 - -
Loans and advances 8 740,397 466,096 684,107 437,768
Advances under finance lease 9 11,769 10,297 11,769 10,297
Other assets 10 51,888 44,275 48,007 39,498
Fixed assets 11 39,693 30,054 38,320 29,155
TOTAL ASSETS 2,009,914 1,528,234 1,667,422 1,165,461
Liabilities
Deposit and current accounts 12 1,194,456 700,182 1,071,836 661,624
Due to other banks 13 170,410 155,109 78,980 44,281
Managed funds 14 93,296 62,514 - -
Tax payable 15 10,713 8,986 6,777 5,091
Deferred taxation 16 13,634 6,743 12,758 6,712
Other liabilities 17 154,958 213,432 110,975 78,492
Long-term borrowing 18 35,042 29,414 35,042 29,414
TOTAL LIABILITIES 1,672,509 1,176,380 1,316,368 825,614
Capital and Reserves

Share capital 19 12,432 9,945 12,432 9,945
Share premium 20 254,524 254,524 254,524 254,524
Statutory reserve 21 23,424 18,056 23,284 18,023
Exchange difference reserve 22 733 3,459 2,836 2,836
General reserve 23 30,648 51,565 42,334 40,214
Bonus issue reserve 24 2,072 2,487 2,072 2,487
Reserve for small/medium scale industries 25 11,193 9,439 11,193 9,439
Core capital 335,026 349,475 348,675 337,468
Fixed assets revaluation reserve 2,379 2,379 2,379 2,379
Shareholders’ funds 337,405 351,854 351,054 339,847
TOTAL LIABILITIES AND SHAREHOLDERS’ FUNDS 2,009,914 1,528,234 1,667,422 1,165,461
Contingent liabilities and other obligations on behalf

of customers and customers’ liability thereof 40.1 696,378 544,959 314,973 198,239
Total assets and contingencies 2,706,292 2,073,193 1,982,395 1,363,700
The financial statements on pages 88 to 130 were approved on June 25, 2009 by the Board of Directors and signed on its behalf by:
Umaru Abdul Mutallab, CON Stephen Olabisi Onasanya Oladele Oyelola

Chairman Group Managing Director Executive Director
The accounting policies on pages 88 to 92 and the notes on pages 96 to 126 form part of these financial statements.
94 Financial Review
PROFIT AND LOSS ACCOUNT

The Group The Bank
2009 2008 2009 2008

Gross earnings 218,287 155,725 185,189 130,600

Interest earnings 26 156,932 100,703 128,902 79,810
Interest expense 27 (54,908) (31,569) (41,843) (22,283)
Net interest income 102,024 69,134 87,059 57,527
Fees and commissions 28 33,924 28,382 29,114 23,418
Net interest income and commissions 135,948 97,516 116,173 80,945
Income on trading securities 29 17,499 18,407 16,194 16,447
Provision for diminution in value of investments 33 (2,649) - - -
Net income on securities trading 14,850 18,407 16,194 16,447
Other income 30 9,932 8,233 10,979 10,925
Operating expenses 31 (88,397) (68,004) (81,533) (62,260)
Interest on long-term borrowing (1,744) (2,218) (1,744) (2,218)
Provision for loans and advances 32 (14,298) (6,423) (12,469) (6,152)
Provision for other bad and doubtful accounts 34 (2,492) 395 (1,490) 333
(106,931) (76,250) (97,236) (70,297)
Profit on ordinary activities before exceptional
item and taxation 31.2 53,799 47,906 46,110 38,020
Exceptional item 5.1 (26,113) - - -
Profit on ordinary activities after exceptional
item and before taxation 27,686 47,906 46,110 38,020
Information technology development levy 17.3 (526) (480) (461) (380)
Current taxation 15 (7,690) (6,705) (4,529) (3,126)
Deferred taxation 16 (6,901) (4,042) (6,046) (4,041)

Dealt with as follows:
Statutory reserve 21 5,368 4,591 5,261 4,571
Reserve for small/medium scale industries 25 1,754 1,523 1,754 1,523
General reserve 23 5,447 30,565 28,059 24,379
12,569 36,679 35,074 30,473
Earning per share (N)

– Basic 35 0.51 2.67 1.41 2.23
The accounting policies on pages 88 to 92 and the notes on pages 96 to 126 form part of these financial statements.

95
STATEMENT OF CASH FLOWS

The Group The Bank
2009 2008 2009 2008

Cash flows from operating activities

Interest earnings 26 156,932 100,703 128,902 79,810
Commission and other income 56,499 48,983 48,861 40,843
Lease income 1,901 1,096 1,901 1,095
Dividend received from associated company 329 191 329 179
Recoveries on loans previously written off 1,969 3,617 1,967 3,606
Interest expense (56,652) (33,787) (43,587) (24,501)
Cash payment to employees and suppliers (82,194) (63,333) (75,772) (57,941)
Income tax paid 15.2 (5,539) (5,373) (2,843) (3,745)
Operating profit before changes in operating assets and liabilities 73,245 52,097 59,758 39,346
Changes in operating assets/liabilities

Loans and advances (285,803) (250,269) (258,793) (224,662)
Advances under finance lease (1,487) (7,327) (1,487) (7,327)
Other assets (8,018) (12,210) (8,620) (9,761)
Deposit and current accounts 494,274 100,508 410,212 79,797
Other liabilities (58,910) 117,652 32,103 17,953
Managed funds – Assets 19,127 (33,951) - -
Managed funds – Liabilities 30,782 40,444 - -
Exchange difference reserve (2,726) (607) - -
Net cash from/(used in) operating activities 36 260,484 6,337 233,173 (104,654)
Cash flows from investing activities

Proceeds from sale of investments 3,301 4,205 3,301 4,205
Purchase of investments (86,635) (43,957) (62,982) (35,871)
Investment properties (4,124) (1,788) - -
Redemption of dated securities 13,830 21,286 13,830 21,286
Purchase of dated securities (1,500) - (1,500) -
Purchase of fixed assets 11 (16,315) (17,495) (15,329) (16,945)
Proceeds on sale of fixed assets 1,087 1,503 1,056 1,451
Investment properties (4,124) (1,965) - -
Dividend received from subsidiaries - - 2,576 3,937
Investments in subsidiaries - - - (19,062)
Treasury bills 97,783 44,352 97,783 44,352
Net cash from investing activities 3,303 6,141 38,735 3,353
Cash flows from financing activities

Proceeds from issue of shares:
– Public offer and rights issue 19 - 3,834 - 3,834
– Share premium 20.1 - 246,166 - 246,166
Share issue expenses 20.1 - (7,500) - (7,500)
Dividend paid to shareholders 23 (23,867) (10,477) (23,867) (10,477)
Inflow from long-term borrowing 18 - 9,035 - 9,035
Net cash (used in)/from financing activities (23,867) 241,058 (23,867) 241,058
Net increase in cash and cash equivalents 239,920 253,536 248,041 139,757
Cash and cash equivalents at April 1 494,121 240,585 324,054 184,297
Cash and cash equivalents at March 31 37 734,041 494,121 572,095 324,054

96 Financial Review
NOTES TO THE FINANCIAL STATEMENTS

1 The Bank
a) The Legal Form
The Bank which commenced operations in Nigeria in 1894 as a branch of Bank of British West Africa Limited (BBWA), was
incorporated as a private limited liability company in Nigeria in 1969. It was converted to a public company in 1970. The Bank's
shares are quoted on the Nigerian Stock Exchange.
b) Principal Activities
The Bank engages in the business of commercial banking whilst its subsidiaries, FBN Bank (UK) Limited, First Registrars Nigeria
Limited, First Trustees Nigeria Limited, FBN Capital Limited, First Pension Custodian Nigeria Limited, FBN Mortgages Limited, FBN
Insurance Brokers Limited and First Funds Limited carry on the business of commercial banking, registrars, trusteeship, capital market,
pension fund custodian, mortgage financing, insurance brokerage and management of SMIEIS fund investments respectively.
The Group The Bank
2009 2008 2009 2008

N’million N’million N’million N’million
2 Cash and balances with Central Bank

Cash 24,467 18,370 24,417 18,321
Balances with Central Bank of Nigeria:
Cash reserve requirements 16,481 18,264 16,481 18,264
Current account 99,870 52,077 99,870 52,077
Other accounts 414 414 414 414
141,232 89,125 141,182 89,076
Provision for doubtful accounts (note 2.1) (829) (774) (829) (774)
140,403 88,351 140,353 88,302
2.1 Provision for doubtful accounts

At April 1 774 779 774 774
Reclassified to Other Assets - (5) - -
Additions for the year (note 34) 55 - 55 -
At March 31 829 774 829 774
3 Due from banks and other financial institutions

In Nigeria (Collateralised by Treasury Bills N120,908; 2008 – N32,200) 452,104 304,237 402,585 199,965
Other Banks and Offices outside Nigeria 312,142 256,937 108,225 80,280
764,246 561,174 510,810 280,245

Provision for doubtful accounts (note 3.1) (198) (295) (88) (212)
764,048 560,879 510,722 280,033

At April 1 295 662 212 505
Additions for the year 32 36 - -
Write back during the year (129) (403) (124) (293)
Per profit and loss account (note 34) (97) (367) (124) (293)
At March 31 198 295 88 212

97

The Group The Bank
2009 2008 2009 2008

3.2 Amount held on behalf of customers included in balances with other banks outside Nigeria are:
Deposit with FBN Bank (UK) Limited 22,780 - 22,780 17,261
Vostro accounts (note 17) 46,841 26,182 46,841 26,182
69,621 26,182 69,621 43,443
4 Trading Securities
FGN Bond Series 137,027 78,251 137,027 78,251
FGN Contractor Bond - 1,061 - 1,061
FGN Pension Bond 14,084 14,084 14,084 14,084
151,111 93,396 151,111 93,396

Investment in quoted securities
Market value – N2.2billion (2008 – N8.436 billion) 4,935 7,319 - -
Provision for diminution in value (note 4.1) (2,699) (50) - -
2,236 7,269 - -
153,347 100,665 151,111 93,396
4.1 Provision for diminution in value

At April 1 50 50 - -
Additions for the year (note 33) 2,649 - - -
At March 31 2,699 50 - -
5 Managed funds
Bank balances 449 1,989 - -
Quoted investments market value N15 billion (2008 – N72 billion) 38,651 41,367 - -
Treasury bills - 11 - -
Bankers acceptance 18,617 12,597 - -
Government bonds 23 23 - -
Managed real estate investment 650 - - -
Others 10 34 - -
58,400 56,021 - -
Provision for diminution in value of investments
– Managed funds (note 5.1) (21,506) - - -
36,894 56,021 - -
This represents funds and deposits received from corporate and individual clients for investments, under mutually agreed terms.

98 Financial Review

The Group The Bank
2009 2008 2009 2008

5.1 Exceptional item – Provision for diminution

in value of investments
Managed Funds – (note 5) 21,506 - - -
Own investments – (note 6.8) 4,607 - - -
26,113 - - -
First Trustees Nigeria Limited, in the ordinary course of business, inter alia, manages funds on behalf of various clients for investment
purposes. During the year the investments in quoted securities suffered a diminution in value as a result of the situation in the Nigerian
Capital Market, occasioned by the Global Credit crises and recession in world economies.
The company has therefore made provision for this diminution in value amounting to N21,506,278,438 for shares held on behalf of
clients under a guaranteed principal fund agreement, and N4,606,955,000 on account of its own direct investments. This amount has
been charged to the Profit and Loss account as exceptional item.
As at 31 March, 2009, the market value of shares on behalf of clients amounted to N8,534,520,381 (Cost: N30,040,798,819) and the
market value of own investments was N4,336,497,164 (Cost: N8,949,115,312).
Subsequent to the balance sheet date, there has been some price appreciation in the capital market, which reduces the amount
of probable loss.
The Group The Bank
2009 2008 2009 2008

6 Investments
Summary
Dated securities (6.1) 8,200 22,066 7,904 21,734
Equities – Quoted (6.2a) 11,766 7,128 1,394 34
Equities – Unquoted (6.2b) 23,058 17,442 19,810 16,060
Associated company (Unquoted equity) (6.3) 2,884 821 2,224 74
Subsidiaries (Unquoted equities) (6.4) 1,510 10 28,449 26,949
SMIEIS Investments (6.5) 7,091 6,969 7,091 6,969
54,509 54,436 66,872 71,820
Diminution in value (note 6.8) (6,829) (294) (1,536) (288)
47,680 54,142 65,336 71,532

99

The Group The Bank
2009 2008 2009 2008

6.1 Dated securities

Quoted – Short term
Maturing within 1 year
– Federal government bonds – Market value
N809.8 million (2008 – N11.310 billion) 790 11,310 790 11,300
– State Government Bonds - 800 - 800
– Others 20 - 20 -
Quoted – long term
Maturing between 1 and 5 years
N5.7 billion (2008 – N4 billion) 5,314 4,000 5,314 4,000
– State Government Bonds 1,750 322 1,500 -
– Others 46 40 - 40
Maturing after 5 years
N305.8 million (2008 - N5.594 billion) 280 5,594 280 5,594
8,200 22,066 7,904 21,734
6.2 Equities
a) Quoted – Long-term investments
SCOA Plc 34 34 34 34
Transnational Corporation Plc 250 500 - -
Guaranty Trust Bank Plc 1,360 - 1,360 -
Other companies 10,122 6,594 - -
Market value – N5.6 billion (2008 – N20.376 billion) 11,766 7,128 1,394 34
Provision for diminution in value (note 6.8a) (6,124) (6) (844) -
5,642 7,122 550 34

b) Unquoted
African Finance Corporation (note 6.9) 12,727 12,727 12,727 12,727
Zain Nigeria Limited 2,908 2,908 2,908 2,908
FBN Heritage Fund 2,900 1,350 1,500 -
Communication Domain Limited 194 - - -
Banque Internationale du Benin, Cotonou 155 98 155 98
Onwuka Hi-Tech Industry Plc 5 5 5 5
African Export-Import Bank, Cairo 10 10 10 10
Consolidated Discounts Limited 15 15 15 15
ValuCard Nigeria Plc 186 186 186 186
Nigeria Inter-bank Settlement System Plc 52 52 52 52
Niger Delta Exploration Production Plc 32 32 - -
Food Concepts Plc 144 - - -
ATM Consortium Limited 77 59 77 59
NITEL Plc (note 6.10 ) 2,175 - 2,175 -
Others 1,478 - - -
23,058 17,442 19,810 16,060
Provision for diminution in value (6.8a) (705) (288) (692) (288)
22,353 17,154 19,118 15,772

100 Financial Review

The Group The Bank
2009 2008 2009 2008

6.3 Associated company [Unquoted]
Kakawa Discount House Limited (note 6.11) 2,884 821 2,224 74
6.4 Subsidiaries [Unquoted]

FBN Bank (UK) Limited - - 18,441 18,441
FBN Capital Limited - - 4,300 4,300
First Pension Custodian Limited - - 2,000 2,000
First Trustees Nigeria Limited - - 23 23
FBN Mortgages Limited - - 2,100 2,100
FBN Insurance Brokers Limited - - 15 15
First Registrars Nigeria Limited - - 10 10
FBN Bureau de Change Limited (note 6.12) 510 10 510 10
FBN Micro Finance Bank Limited (note 6.13) 1,000 - 1,000 -
First Funds Limited - - 50 50
1,510 10 28,449 26,949
6.5 SMIEIS Investments

Through:
SME Managers Limited (note 6.14) 1,081 959 1,081 959
Chase Executive Partners Limited 30 30 30 30
Interswitch Limited 32 32 32 32
First Funds Limited 5,948 5,948 5,948 5,948
7,091 6,969 7,091 6,969
47,680 54,142 65,336 71,532
6.6 Movement in SMIEIS investments

At April 1 6,969 6,751 6,969 6,751
Additions during the year 182 424 182 424
Divestments (60) (179) (60) (179)
Written off - (27) - (27)
7,091 6,969 7,091 6,969

101

The Group The Bank
2009 2008 2009 2008

6.7 The issuers of the securities (quoted and unquoted)

are as follows:
Maturing within 1 year
– Neimeth Int’l Debenture Stock 2004/2008 Floating Rate Secured
Cum Convertible Redeemable Mortgage Debenture stock 20 40 20 40
– Federal Government of Nigeria Bond 790 11,310 790 11,300
– State Government Bonds - 800 - 800
810 12,150 810 12,140

Maturing between 1 and 5 years
– Federal Government of Nigeria Bond 5,314 4,000 5,314 4,000
– State Government Bonds 1,500 322 1,500 -
Maturing after 5 years
– Federal Government of Nigeria Bond 280 5,594 280 5,594
7,094 9,916 7,094 9,594
7,904 22,066 7,904 21,734

At April 1 294 292 288 292
Additions/(write back) during the year (note 34) 1,928 2 1,248 (4)
2,222 294 1,536 288
Exceptional item (note 5.1) 4,607 - - -
At March 31 (note 6) 6,829 294 1,536 288
6.8a Analysed as follows:

Equities – Quoted 1,517 6 844 -
Equities – Quoted – Exceptional item 4,607 - - -
Total (note 6.2a) 6,124 6 844 -
Equities – Unquoted (note 6.2b) 705 288 692 288
6,829 294 1,536 288
6.9 This represents the Bank’s 9.2% holding in African Finance Corporation. The company was incorporated in 2007 to carry on
the business of private sector led investment banking and development finance as stated in the Memorandum of Association.
The company commenced operations in 2007.
6.10 This represents the nominal value of NITEL shares given to the Bank by Bureau for Public Enterprise (BPE) in settlement of IILL
botched transaction. In 2001, IILL approached First Bank of Nigeria Plc for credit facility to participate in the bid for 51% interest
in NITEL Plc as offered by BPE. IILL paid the 10% non-refundable fee but could not meet its obligation for the 90% balance. The
transaction was thereafter cancelled and the 10% was not refunded. Also, IILL could not repay the facility obtained from the
Bank. The Bank thereafter classified the facility lost in its books with full provision made. In 2008, BPE revisited the transaction
and issued a total of 4,300,102,076 units of ordinary shares at 50k each in NITEL Plc to the Bank.


6.11 The financial statements of Kakawa Discount House Limited could not be consolidated using the equity method in line with
the Statement of Accounting Standards (SAS) 28, as it was impracticable to do so. The company’s accounting year is not the
same as the Bank and the latest audited financial statement of the company as at May 31, 2008 is ten months old. The Bank
was unable to obtain the company’s current Financial Statements for use at the financial year end. The Bank's share of the Net
Assets in the Associate as at May 31, 2008 was N36.1 billion and its share of profit was N650.8 million.
6.12 This represents the Bank’s 100% holding in FBN Bureau de Change Limited. The Bank obtained approval from the Central Bank
of Nigeria to operate a bureau de change on August 8, 2006. The related business transaction of the company are already part
of the activities of the Bank. The business of the company has however been separated from April 1, 2009.
6.13 This represents the Bank’s 100% holding in FBN Micro Finance Bank Limited. The Bank was incorporated on March 18, 2008.
It obtained a final approval from the Central Bank of Nigeria on March 18, 2009.
6.14 This represent 37.8% holding in SME Partnership, a fund managed by SME Managers Limited. The Bank increased its investment
by N182 million during the year.
6.15 In the opinion of the Directors, the market value of the unquoted investments is not lower than cost.
6.16 Except for FBN Bank (UK) Limited, which was incorporated in the United Kingdom, all other subsidiaries were incorporated
in Nigeria.
The Group
2009 2008
7 Investment properties
At April 1 1,974 186
Additions during the year 5,781 1,974
Disposals during the year (1,657) (186)
At March 31 6,098 1,974
This represents undeveloped land acquired for future development and not occupied substantially by the company or members of the
group of the holding company. They are not subjected to periodic charges for depreciation.

103

The Group The Bank
2009 2008 2009 2008

8 Loans and advances
8.1 Summary
Secured against real estate 22,643 72,179 21,470 82,143
Otherwise secured 599,742 380,474 592,550 363,975
Unsecured 141,392 23,048 91,279 943
Gross loans 763,777 475,701 705,299 447,061
Provision for doubtful accounts
– General (7,273) (4,686) (6,736) (4,409)
– Specific (13,005) (4,090) (11,403) (4,057)
– Interest in suspense (3,102) (829) (3,053) (827)
Net loans 740,397 466,096 684,107 437,768
2009 2008
Gross Gross
Loans Provision Loans Provision
8.2 Analysis of loans and advances by quality
8.2.1 The Group

Non-performing:
Sub-standard 18,741 1,874 1,812 181
Doubtful 7,027 3,514 1,157 579
Lost 7,617 7,617 3,330 3,330
Interest in suspense 3,102 3,102 829 829
36,487 16,107 7,128 4,919

Performing 727,290 7,273 468,573 4,686
Gross loans 763,777 23,380 475,701 9,605
8.2.2 The Bank

Non-performing:
Sub-standard 15,834 1,584 705 70
Doubtful 6,136 3,068 1,353 677
Lost 6,752 6,752 3,310 3,310
Interest in suspense 3,053 3,053 827 827
31,775 14,457 6,195 4,884

Performing 673,524 6,735 440,866 4,409
Gross loans 705,299 21,192 447,061 9,293


The Group The Bank
2009 2008 2009 2008


General
At April 1 4,686 2,217 4,409 2,196
Charge for the year (note 32) 2,587 2,469 2,327 2,213
At March 31 7,273 4,686 6,736 4,409
Specific
At April 1 4,090 4,270 4,057 4,194
Written off in the year (2,781) (4,061) (2,781) (4,003)
1,309 209 1,276 191

Provision during the year 16,841 5,787 15,268 5,751
Recovered during the year (5,145) (1,906) (5,141) (1,885)
Charge for the year (note 32) 11,696 3,881 10,127 3,866
At March 31 13,005 4,090 11,403 4,057
Interest
At April 1 829 635 827 613
Recovered during the year (217) (11) (217) (11)
612 624 610 602

Additions for the year 3,735 1,720 3,688 1,720
Written off during the year (1,245) (1,515) (1,245) (1,495)
At March 31 3,102 829 3,053 827
Total at March 31 23,380 9,605 21,192 9,293

105

The Group The Bank
2009 2008 2009 2008

8.4 Maturity profile of loans and advances

Under 1 month 109,482 109,671 109,482 118,368
1 month but within 3 months 284,800 116,577 284,795 114,734
3 months but within 6 months 99,013 45,373 98,645 37,629
6 months but within 12 months 39,477 33,836 38,588 31,464
1 year but within 3 years 131,818 98,662 74,602 76,486
3 years but within 5 years 62,667 29,883 62,667 26,681
Over 5 years 36,520 41,699 36,520 41,699
763,777 475,701 705,299 447,061
8.5 Analysis of loans and advances by nature

Overdrafts 190,458 166,925 190,458 176,392
Term loans 459,897 219,662 402,681 191,834
Commercial papers 112,160 74,006 112,160 74,006
Others 1,262 15,108 - 4,829
763,777 475,701 705,299 447,061
8.6 Insider-related credits

Aggregate amount of insider-related credits outstanding at
year-end classified by quality:
Performing 48,779 27,023 48,779 27,023
Non-performing (note 46) 45 32 45 32
48,824 27,055 48,824 27,055
T he analysis of the non-performing accounts as shown above is contained in note 46 to these financial statements in line with Central
Bank of Nigeria Circular BSD/1/2004.


The Group The Bank
2009 2008 2009 2008

9 Advances under finance lease

Gross investment 15,217 13,358 15,217 13,358
Unearned income (3,329) (2,957) (3,329) (2,957)
Net investment 11,888 10,401 11,888 10,401
Provision for performing accounts (note 9.1) (119) (104) (119) (104)
11,769 10,297 11,769 10,297
9.1 Provision for performing accounts

At April 1 104 31 104 31
Charge for the year (note 32) 15 73 15 73
At March 31 119 104 119 104
9.2 The investment in finance leases by maturity is:

Over 3 months but within 6 months 1,644 759 1,644 759
Over 6 months but within 12 months 603 868 603 868
Over 12 months 9,641 8,774 9,641 8,774
11,888 10,401 11,888 10,401
9.3 Analysis of advances under finance lease by quality

Performing 11,888 10,401 11,888 10,401
9.4 Analysis by tenure

Current portion 11,888 10,401 11,888 10,401

107

The Group The Bank
2009 2008 2009 2008

10 Other assets
Impersonal accounts:
Clearing (note 10.2) 5,363 7,791 5,357 7,786
Prepayment – Rent 1,545 1,231 1,545 1,208
Deposit premium insurance 3,816 - 3,671 -
Prepayment – Others 328 548 - -
Prepaid staff allowance 874 699 668 450
New branch opening cost outlay 5,523 5,665 5,523 5,665
Repo margin (note 10.3) 3,277 3,277 3,277 3,277
Inventory 1,003 593 998 593
Fixed assets acquisition suspense (note 10.4) 3,595 1,769 3,595 1,769
Interest receivable 6,782 3,842 6,669 3,698
Deposit for investment - 4,030 - 4,030
Prepaid interest 65 104 65 104
Accounts receivable 12,185 10,026 10,989 8,836
Frauds and losses 1,335 1,797 1,335 1,797
Deposit for investments by subsidiaries 713 1,526 - -
Custody fee receivable - 110 - -
Deposit for underwriting commitments (note 10.5) 5,000 500 4,900 -
Premium debtors 374 203 - -
Deposit with the Nigerian Stock Exchange 1 1 - -
Receivable from underwriters 8 7 - -
Other debit balances 2,297 2,347 1,218 1,977
54,084 46,066 49,810 41,190
Provision for doubtful accounts (note 10.1) (2,196) (1,791) (1,803) (1,692)
51,888 44,275 48,007 39,498

At April 1 1,791 1,816 1,692 1,728
Reclassified from Cash and Balances with CBN - 5 - -
Written off during the year (201) - (200) -
1,590 1,821 1,492 1,728
Charge for the year 608 (4) 311 (36)
Recovery/write back (2) (26) - -
Per Profit and Loss account (note 34) 606 (30) 311 (36)
At March 31 2,196 1,791 1,803 1,692
10.2 This represents receivable from local banks on clearing instruments.

10.3 This represents federal government of Nigeria’s bond pledged in repo transaction.
10.4 This represents fixed assets paid for by the Bank, but yet to be supplied or put to use as at the year end.
10.5 The Bank participated as sub-underwriter through its subsidiary FBN Capital Limited in the Honeywell Plc public offer.


Capital Freehold
Work in Land & Leasehold Motor Computer Furniture Plants &
Progress Buildings Buildings Vehicles Equipment & Fittings Machinery Total
N’million N’million N’million N’million N’million N’million N’million N’million
11 Fixed assets
11.1 The Group

Cost/valuation
At April 1 57 15,749 1,450 6,340 9,918 3,949 15,471 52,934
Attributable to newly
consolidated subsidiary - - - 44 15 25 - 84
Sub-total 57 15,749 1,450 6,384 9,933 3,974 15,471 53,018
Exchange difference - (17) - - (73) (10) - (100)
Additions 18 8,582 81 2,209 1,444 506 3,475 16,315
Write off - - - - - - (2) (2)
Disposals - (192) - (607) (12) (66) (9) (886)
At March 31 75 24,122 1,531 7,986 11,292 4,404 18,935 68,345

Depreciation
At April 1 - 1,421 287 3,829 7,384 2,370 7,637 22,928
Attributable to newly
consolidated subsidiary - - - 13 11 12 - 36
Sub-total - 1,421 287 3,842 7,395 2,382 7,637 22,964
Exchange difference - (10) - - (41) (8) - (59)
Charge for the year 31 331 - 1,311 1,477 564 2,489 6,203
Eliminated on disposals - (54) - (363) (12) (26) (1) (456)
At March 31 31 1,688 287 4,790 8,819 2,912 10,125 28,652

Net book value
At March 31, 2009 44 22,434 1,244 3,196 2,473 1,492 8,810 39,693
At March 31, 2008 57 14,328 1,163 2,542 2,538 1,592 7,834 30,054

109

Freehold
Land & Leasehold Motor Computer Furniture Plants &
Buildings Buildings Vehicles Equipment & Fittings Machinery Total
N’million N’million N’million N’million N’million N’million N’million
11 Fixed assets
11.2 The Bank

Cost/valuation
At April 1 15,532 1,306 5,609 9,074 3,595 15,436 50,552
Additions 8,221 55 1,927 1,258 403 3,465 15,329
Disposals (192) - (505) - (45) (9) (751)
At March 31 23,561 1,361 7,031 10,332 3,953 18,892 65,130

Depreciation
At April 1 1,304 236 3,214 6,868 2,149 7,626 21,397
Charge for the year 314 25 1,174 1,276 491 2,481 5,761
Eliminated on disposals (54) - (285) - (8) (1) (348)
At March 31 1,564 261 4,103 8,144 2,632 10,106 26,810

Net book value
At March 31, 2009 21,997 1,100 2,928 2,188 1,321 8,786 38,320
At March 31, 2008 14,228 1,070 2,395 2,206 1,446 7,810 29,155
11.3 Certain land and buildings with a net book value of N187.7 million were professionally valued at N1,183.7 million on December
31, 1990 by Messrs Jide Taiwo & Co. and Diya Fatimilehin & Co., estate surveyors and valuers on the basis of open market value
between a willing seller and buyer. The sum of N448.2 million was then recognised as revaluation reserve in the account.
During the year ended December 31, 1995, selected land and buildings including those revalued at December 31, 1990,
were professionally revalued at N5,056.4 million by Messrs Jide Taiwo & Co. and Diya Fatimilehin & Co., estate surveyors
and valuers, on the basis of open market value between a willing seller and buyer. In compliance with the Central Bank of
Nigeria’s guidelines on recognition of revaluation reserve on own premises, the sum of N1,931.2 million was incorporated in
the account. This represents the revaluation surplus of N4,291.4 million discounted by 55%.
Revaluation of land and buildings is carried out at the discretion of the directors and it is considered as and when necessary.
11.4 The Bank had capital commitments of N2.2 billion (2008 – N4.6 billion) as at balance sheet date.


The Group The Bank
2009 2008 2009 2008

12 Deposit and current accounts
12.1 Summary
In Nigeria:
Current 536,452 310,466 539,844 316,927
Savings 241,926 178,216 241,798 178,090
Time 227,355 127,201 220,427 121,185
Domiciliary 69,767 45,422 69,767 45,422
1,075,500 661,305 1,071,836 661,624
Outside Nigeria:
Demand 15,632 19,186 - -
Time 103,324 19,691 - -
1,194,456 700,182 1,071,836 661,624
12.2 The deposit liabilities maturity profile is as follows:

Under 1 month 396,217 270,601 380,557 257,876
1 – 3 months 194,563 103,690 266,786 103,565
3 – 6 months 163,195 102,699 156,601 96,684
6 – 12 months 172,103 108,591 172,103 108,591
Over 12 months 268,378 114,601 95,789 94,908
1,194,456 700,182 1,071,836 661,624
13 Due to other banks

In Nigeria 47,098 11,933 49,448 15,217
Other Banks outside Nigeria 123,312 143,176 29,532 29,064
170,410 155,109 78,980 44,281
14 Managed funds
Long-term clients 38,754 22,046 - -
Short-term clients 467 334 - -
Guaranteed fixed income 24,075 10,471 - -
Guaranteed principal liabilities 30,000 29,663 - -
93,296 62,514 - -

111

The Group The Bank
2009 2008 2009 2008

15 Tax payable
15.1 Per profit and loss account

Income tax
Based on profit for the year 6,882 6,437 3,874 2,741
Education tax 797 571 655 385
Prior year under provision 11 (303) - -
7,690 6,705 4,529 3,126
15.2 Per balance sheet

Income tax
At April 1 8,986 7,470 5,091 5,710
Payments during the year (5,539) (5,373) (2,843) (3,745)
Based on profit for the year 7,690 6,705 4,529 3,126
Adjustment from subsidiaries (424) 184 - -
At March 31 10,713 8,986 6,777 5,091
T he charge for taxation in these financial statements is based on the provisions of the Companies Income Tax Act CAP C21 LFN 2004
as amended and the Education Tax Act, CAP E4 LFN 2004.

16 Deferred taxation
At April 1 6,743 2,657 6,712 2,671
Arising during the year 6,901 4,042 6,046 4,041
At March 31 13,634 6,743 12,758 6,712


The Group The Bank
2009 2008 2009 2008

17 Other liabilities
Accounts payable 9,810 17,130 9,706 6,399
Deposit for shares on behalf of third parties (note 17.1) 1,763 67,203 15 4,175
Collection on behalf of third parties 2,568 2,460 1,172 2,460
Collection on behalf of federal and state Government 997 444 997 444
Interbranch 125 68 125 68
Provisions and accruals 9,823 9,064 6,404 5,962
Provision for frauds and losses 1,580 1,810 1,372 1,810
PAYE and other statutory deductions 505 425 437 271
Unearned discounts 8,303 5,454 8,139 5,197
Provision for off balance sheet engagements 39 17 39 17
Deposit premium insurance - 818 - 818
Bank cheques 16,952 20,842 16,945 20,779
Interest payable 4,339 2,328 4,291 2,282
Retirement benefits obligation (note 17.2) 332 450 202 362
Vostro balances (note 3.2) 46,841 26,182 46,841 26,182
Information Technology development levy (note 17.3) 570 480 461 380
Exchange equalisation (note 17.4) 10,010 189 10,010 189
Premium payable 476 337 - -
Trade creditors 14,021 30,748 - -
Clients’ dividend (note 17.5) 19,284 24,600 - -
Uncleared effects 7 5 - -
Sundry creditors 6,613 2,378 3,819 697
154,958 213,432 110,975 78,492
17.1 Deposit for shares on behalf of third parties

This represents funds collected as receiving bank/agents in respect of various public offers and private placements.
17.2 Retirement benefits obligation

At April 1 450 237 362 189
Arising from newly consolidated subsidiaries - 27 - -
Charge for the year 4,083 2,248 3,977 2,171
Funds recalled during the year 1,655 847 1,655 847
Payment to PFAs/Trustees (2,524) (1,650) (2,460) (1,586)
Withdrawals (3,332) (1,259) (3,332) (1,259)
At March 31 332 450 202 362
17.3 Information technology development levy

T he Nigerian Information Technology Development Agency (NITDA) Act was signed into law on April 24, 2007. Section 12(2a)
of the Act stipulates that specified companies contribute 1% of their profit before tax to the Nigerian Information Technology
Development Agency. In line with the Act, the Bank and Group have provided for NITDA levy at the specified rate.
At April 1 480 - 380 -
Charge for the year 526 480 461 380
Payment during the year (436) - (380) -
At March 31 570 480 461 380

113

17.4 E
xchange equalisation
Exchange equalisation balance represents exchange gain on foreign currency position arising from exchange rate difference.
17.5 Clients’ dividend
This represents dividend due to shareholders of the various clients of First Registrars Nigeria Limited as at year end.
The Group The Bank
2009 2008 2009 2008

18 Long-term borrowing
Long-term borrowings comprise:
FBN Capital Finance Company, Cayman Island (note 18.1) 25,266 20,379 25,266 20,379
European Investment Bank (note 18.2) 9,776 9,035 9,776 9,035
35,042 29,414 35,042 29,414
18.1 This represents dollar notes issued by FBN Capital Finance Company, Cayman Island on March 30, 2007 for a period of 10 years.
Interest on the notes is payable at 9.8% per annum. The loan is repayable at six monthly intervals over a period of five years
commencing from March 29, 2012. The loan is a subordinated debt and is non-callable in the first five years.

18.2 This represents medium- term loan (callable notes) secured from European Investment Bank. The loan is divided into tranche A
of euro 35 million for a tenure of five years and tranche B of euro 15 million for a tenure of eight years, which qualifies it as Tier
II capital. Interest is payable half-yearly at 2% and 3% above LIBOR rate for tranche A and tranche B respectively. The facility
was secured by negative pledge.
The Group The Bank
2009 2008 2009 2008

19 Share capital
19.1 Authorised:
30,000,000,000 (2008 – 20 billion)
ordinary shares of 50k each 15,000 10,000 15,000 10,000
19.2 Allotted, called up and fully paid:

24,862,540,460 (2008 – 19,890 million)
ordinary shares of 50k each:
At 1 April 9,945 5,238 9,945 5,238
Arising during the year:
– Rights issue - 748 - 748
– Public offer - 3,086 - 3,086
– Transfer from bonus issue reserve (note 24) 2,487 873 2,487 873
At March 31 12,432 9,945 12,432 9,945
At the 39th Annual General Meeting held on August 21, 2008, it was resolved that the authorised share capital of the Bank be
increased from 20 billion units ordinary shares to 30 billion units ordinary shares. The increase in the authorised share capital was
registered with the Corporate Affairs Commission (CAC) on September 9, 2008.
At the same Annual General meeting, the shareholders approved the capitalisation of the sum of N2.5 billion standing in the Bonus
Reserve to shareholders whose names appeared on the Register of members at the close of business on Friday, August 8, 2008 on the
basis of one new ordinary share for every four ordinary shares held by them on that day.


The Group The Bank
2009 2008 2009 2008

20 Share premium
At April 1 254,524 15,858 254,524 15,858
Arising during the year (note 20.1) - 238,666 - 238,666
At March 31 254,524 254,524 254,524 254,524
20.1 Movement in share premium

Rights issue - 45,651 - 45,651
Public offer - 200,515 - 200,515
- 246,166 - 246,166
Share issue expenses - (7,500) - (7,500)
- 238,666 - 238,666
21 Statutory reserve
At April 1 18,056 13,465 18,023 13,452
Appropriation from the profit and loss account 5,368 4,591 5,261 4,571
At March 31 23,424 18,056 23,284 18,023
T he appropriation for the year represents 15% of profit after tax of the Bank in accordance with Section 16 of the Banks and
Other Financial Institutions Act, CAP B3 LFN 2004.

22 Exchange difference reserve

At April 1 3,459 4,066 2,836 2,836
Movement during the year (2,726) (607) - -
At March 31 733 3,459 2,836 2,836
23 General reserve
At April 1 51,565 33,832 40,214 28,799
Reserve for bonus issue (2,072) (2,487) (2,072) (2,487)
Dividend paid (23,867) (10,477) (23,867) (10,477)
Retained profit for the year 5,447 30,565 28,059 24,379
At March 31 30,648 51,565 42,334 40,214
23.1 In respect of the current year, the Directors propose that a dividend of 135 kobo per ordinary share be paid to shareholders.
This dividend is subject to approval by shareholders at the Annual General Meeting and has not been included as a liability
in these financial statements. Dividend to shareholders is now accounted for on the date of declaration as they do not meet
criteria of present obligation in Statement of Accounting Standard 23. The proposed dividend is subject to withholding tax at
the appropriate tax rate and is payable to shareholders whose names appear in the Register of Members at closure date. The
total estimated dividend to be paid is N33.6 billion.

115

The Group The Bank
2009 2008 2009 2008

24 Bonus issue reserve

At April 1 2,487 873 2,487 873
Transfer from the general reserve 2,072 2,487 2,072 2,487
Utilised for bonus issue (note 19.2) (2,487) (873) (2,487) (873)
At March 31 2,072 2,487 2,072 2,487
25 Reserve for small/medium scale industries

At April 1 9,439 7,916 9,439 7,916
Transfer from profit and loss account 1,754 1,523 1,754 1,523
At March 31 11,193 9,439 11,193 9,439
26 Interest earnings
Bank sources
Placement with local banks 23,194 21,057 14,116 5,470
Interest on deposit with banks outside Nigeria 16,275 3,629 1,789 3,132
Treasury bills 3,656 10,633 3,656 10,633
Commission on managed funds 1,244 4,011 - -
44,369 39,330 19,561 19,235
Non-bank sources
Interest on loans and advances 112,563 61,103 109,341 60,575
Commission on premium - 270 - -
112,563 61,373 109,341 60,575
156,932 100,703 128,902 79,810
27 Interest expense
Non-bank sources
Demand 20,687 9,919 12,565 2,615
Time deposit 25,600 12,168 21,474 11,485
Savings 5,714 3,960 5,710 3,957
Domiciliary 2,094 4,225 2,094 4,226
Managed funds 813 1,297 - -
54,908 31,569 41,843 22,283
28 FeeS and commission

Commission and charges 30,982 24,527 28,131 21,896
Commission on Western Union transactions 983 1,522 983 1,522
Financial advisory fees 1,959 1,911 - -
Custody fees - 422 - -
33,924 28,382 29,114 23,418


The Group The Bank
2009 2008 2009 2008

29 Income on trading securities

Interest on federal and state government bonds 16,228 16,507 16,194 16,447
Gains on disposal of shares 1,271 1,900 - -
17,499 18,407 16,194 16,447
30 Other income
Foreign exchange income 2,949 952 2,857 952
Dividend received from subsidiaries - - 2,576 3,937
Dividend from associated companies 339 191 339 179
Lease income 1,901 1,096 1,901 1,095
Profit on sale of fixed assets 657 1,135 653 1,130
Dividend from other companies 668 286 167 26
Recoveries on loans previously written off 1,969 3,617 1,967 3,606
Exchange gain 56 - - -
Trust-related income 1 151 - -
Sundry income 1,392 805 519 -
9,932 8,233 10,979 10,925
31 Overheads
31.1 Operating expenses

Staff costs 45,819 33,431 43,841 31,305
Administration and general expenses 32,559 25,221 28,115 22,219
Depreciation on fixed assets (note 11) 6,203 4,671 5,761 4,319
Premium on insurance of deposit liabilities 3,678 4,252 3,678 4,252
Stamp duty on increase in authorised capital 38 55 38 -
Foreign exchange loss 100 374 100 165
88,397 68,004 81,533 62,260

117

The Group The Bank
2009 2008 2009 2008

31.2 Profit before taxation

This is stated after charging/(crediting) the following:
Directors’ emoluments 652 555 387 290
Depreciation of fixed assets (note 11) 6,203 4,671 5,761 4,319
Profit on sale of fixed assets (657) (1,126) (653) (1,130)
Bank’s contribution to retirement benefits 4,083 2,248 3,977 2,171
Foreign exchange loss/(gain) 44 183 100 165
Auditors’ remuneration:
– Nigeria operations 130 114 90 75
– UK operations 19 21 - -
32 Provision for loans and advances

Loans and advances:
– General (note 8.3) 2,587 2,469 2,327 2,213
– Specific (note 8.3) 11,696 3,881 10,127 3,866
Advances under finance lease (note 9.1) 15 73 15 73
14,298 6,423 12,469 6,152
33 Provision for diminution in the value of investments

Trading securities (note 4.1) 2,649 - - -
34 Provision for other bad and doubtful accounts

Other assets (note 10.1) 606 (30) 311 (36)
Cash and short-term funds (note 2.1) 55 - 55 -
Investments (note 6.8) 1,928 2 1,248 (4)
Due from banks and other financial institutions (note 3.1) (97) (367) (124) (293)
2,492 (395) 1,490 (333)


The Group The Bank
2009 2008 2009 2008

35 Earnings per share – basic

Earnings per share (basic) are calculated based on the profit
after tax and the number of ordinary shares issued and paid
up at March 31 of every year
Profit for the year attributable to shareholders 35,074 30,473
Weighted average number of ordinary share (units in million) 24,864 13,691
Earnings per share (naira) – basic 1.41 2.23
36 Reconciliation of profit after tax to net cash

provided by operating facilities
Profit after tax 12,569 36,679 35,074 30,473
Adjustments to reconcile profit after tax to net
cash provided by operating activities
Depreciation of fixed assets 6,203 4,671 5,761 4,319
Information Technology Development Levy 526 480 461 380
Provision for bad and doubtful accounts 45,552 6,028 13,959 5,819
Provision for deferred taxes 6,901 4,042 6,046 4,041
Increase/(decrease) in taxes payable 1,727 1,516 1,686 (619)
Tax adjustments 424 (184) - -
Profit on disposal of fixed assets (657) (1,135) (653) (1,130)
Dividend received from subsidiaries - - (2,576) (3,937)
Changes in assets and liabilities
Increase in loans and advances (285,803) (250,269) (258,793) (224,662)
Increase in other assets (8,018) (12,210) (8,620) (9,761)
Increase in advances under finance lease (1,487) (7,327) (1,487) (7,327)
Increase in deposit and other current accounts 494,274 100,508 410,212 79,797
Increase/(decrease) in other liabilities (58,910) 117,652 32,103 17,953
Managed funds – Assets 19,127 (33,951) - -
Managed funds – Liabilities 30,782 40,444 - -
Exchange difference reserve (2,726) (607) - -
Net cash flow from operating activities before

changes in operating assets 260,484 6,337 233,173 (104,654)

119

The Group The Bank
2009 2008 2009 2008

37 Cash and cash equivalents

Cash and short-term funds 140,403 88,351 140,353 88,302
Due from other banks and financial institutions 764,048 560,879 510,722 280,033
Due to other banks (170,410) (155,109) (78,980) (44,281)
734,041 494,121 572,095 324,054
38 Chairman’s and Directors’ emoluments
38.1 Emoluments
Fees:
Chairman 5.00 5.00
Other Directors 28.00 28.00
33.00 33.00
Emoluments as Executives 353.90 256.50
386.90 289.50
Highest paid Director 66.70 44.50
38.2 The fees attributable to Directors of the parent company serving on the boards of the subsidiaries amounting to N13,981,438
(March 31, 2008 – N4,911,500) have been paid over and included in the income of the parent company.
38.3 The number of Directors excluding the Chairman, whose emoluments were within the following ranges were:
The Bank
2009 2008
N N’million N’million
2,500,001 – 5,000,000 8 8
5,000,001 – 15,000,000 - -
15,000,001 – 17,500,000 - -
17,500,001 – 20,000,000 - -
Above 20,000,000 8 8
16 16


The Group The Bank
2009 2008 2009 2008
39 Other Employees
39.1 Employees remunerated at higher rates

The number of employees excluding Directors in receipt of
emoluments excluding allowances and pension contributions
within the following ranges were:
N Number Number Number Number

200,001 – 300,000 360 149 309 120
300,001 – 400,000 246 238 237 237
400,001 – 500,000 224 247 213 212
500,001 – 700,000 2,217 1,654 2,088 1,613
700,001 – 1,000,000 2,660 1,158 2,631 1,096
1,000,001 – 2,000,000 2,471 4,747 2,443 4,680
2,000,001 – 3,000,000 287 532 224 472
Above 3,000,000 92 107 50 65
8,557 8,832 8,195 8,495
39.2 The number of persons employed as at the end

of the year were as follows:
Managerial 349 646 270 288
Senior staff 7,424 7,549 7,171 7,384
Junior staff 784 637 754 823
8,557 8,832 8,195 8,495
The Group The Bank
2009 2008 2009 2008

39.3 The related staff costs amounted to: 45,819 33,431 43,841 31,305
40 Off balance sheet engagements

40.1 The Bank enters into various commitments in the normal
course of business in respect of which there are corresponding
obligations by customers. These are as follows:
Acceptances, guarantees and indemnities 138,743 124,929 138,743 75,964
Bonds and performance guarantees 276,360 152,680 163,510 77,360
Treasury bills intermediation and others 281,275 267,350 12,720 44,915
696,378 544,959 314,973 198,239
40.2 There were contingent liabilities in respect of legal actions for claims against the Bank for amounts totalling N259,450,780
(March 31, 2008 – N817,126,077) for which no provisions have been made. The actions are being contested and the Directors
are of the opinion that no significant liabilities will arise therefrom.

121

41 Guarantees and other financial commitments
41.1 Capital commitments

Capital expenditure authorised by the Directors but not provided for in these financial statements are as follows:
Contracted
Commitments for the acquisition of land and building under operating lease:
At March 31, 2009, FBN Bank (UK) Ltd entered into a contract to make future payments in respect of operating leases for land
and buildings. The lease is expected to expire in June 2016.
The Bank
2009 2008
Within one year 151 103
Between one and five years 534 413
More than five years 134 207
Others (FBN Head office) 1,334 3,830
2,153 4,553
Not contracted - -
41.2 The Directors are of the opinion that all known liabilities and commitments which are relevant in the assessment of the state of
financial affairs of the Bank have been taken into consideration in the preparation of these accounts.
42 Segmental information
a) Business segments
Business segments are distinguishable components of the Group with services used by Management for its internal reporting
purpose. Each business segment operates with a degree of autonomy in pursuing its strategic goals, managing operations and
ensuring accountability though in tandem with the Group’s policies. Each of the business segments has its separate planning,
administration and financial reporting system as an independent entity. Segment financial information is evaluated regularly by
management so as to evaluate the performance and returns on the allocation of financial and other resources.
The Group is divided into the following business units:
• Retail and Corporate Banking: Offering a comprehensive range of retail, personal, commercial and corporate banking services
and products to individuals, small business customers, corporate, medium and large business customers.
• Investment and Capital Market Operations: This provides Investment and Capital Market services to both individual and
institutional investors. It also provides Registrar services to both listed and private companies.
• Asset Management: This provides individuals and financial institutions with assets management and advisory services.
• Mortgage Banking: Offers mortgage and home ownership banking services.
• Others: This is made up of insurance brokerage and SMIEIS funds management functions.


42 Segmental information (cont’d)

a) Business segments
Retail & Corporate Investment & Capital
Banking Market
2009 2008 2009 2008

Profit and loss:
Interest income 140,232 91,308 11,564 6,789
Interest expense (49,965) (29,587) (3,699) (1,297)
Net interest income 90,267 61,721 7,865 5,492
Commission 31,901 27,035 16 1,068
Other income 24,748 21,691 3,264 3,617
146,916 110,447 11,145 10,177

Operating expenses 78,240 59,961 2,077 2,092
Depreciation 5,855 4,423 141 96
Interest on long-term borrowing 1,744 2,218 - -
Provision for loans and advances 12,812 6,281 882 137
Provision for other doubtful accounts and investments 1,548 (450) 3,561 9
100,199 72,433 6,661 2,334

Profit on ordinary activities before
exceptional item and taxation 46,717 38,014 4,484 7,843
Exceptional item - - - -
Information technology development levy 461 380 50 78
Current taxation 5,495 4,179 1,638 2,003
Deferred taxation 6,033 4,037 869 (5)
Balance sheet
Cash and due from banks etc 847,237 546,330 47,655 91,915
Bills discounted and securities 168,808 216,145 2,236 -
Loans and advances 740,131 466,140 7,551 9,483
Investments 38,397 44,524 4,337 2,908
Other assets 87,722 69,425 1,576 3,188
Total assets 1,882,295 1,342,564 63,355 107,494

Deposit liabilities 1,354,994 848,575 - -
Other liabilities 142,586 123,985 52,219 102,821
Long-term borrowings 35,042 29,414 - -
Total liabilities 1,532,622 1,001,974 52,219 102,821
Net assets 349,673 340,590 11,136 4,673

123

Asset Mortgage
Management Banking Others Total
2009 2008 2009 2008 2009 2008 2009 2008

N’million N’million N’million N’million N’million N’million N’million N’million
2,066 669 2,018 1,131 1,053 806 156,933 100,703

- - (1,245) (685) - - (54,909) (31,569)
2,066 669 773 446 1,053 806 102,024 69,134
2 258 45 21 - - 31,964 28,382
1,227 1,185 122 88 24 59 29,385 26,640
3,295 2,112 940 555 1,077 865 163,373 124,156

1,105 925 319 208 455 147 82,196 63,333
127 113 40 22 39 17 6,202 4,671
- - - - - - 1,744 2,218
572 - 28 5 - - 14,294 6,423
- 38 13 1 18 7 5,141 (395)
1,805 1,076 400 236 512 171 109,577 76,250

1,490 1,036 540 319 565 694 53,796 47,906
26,113 - - - - - 26,113 -
5 18 5 2 3 2 524 480
202 320 168 65 187 138 7,690 6,705
(10) 9 5 - 4 1 6,901 4,042
(24,820) 689 362 252 371 553 12,568 36,679

2,836 2,237 5,699 8,434 1,024 314 904,451 649,230
- - - - - - 171,044 216,145
3,263 - 1,221 770 - - 752,166 476,393
42,217 62,560 4,991 1,974 730 171 90,672 112,137
992 516 855 405 436 795 91,581 74,329
49,308 65,313 12,766 11,583 2,190 1,280 2,009,914 1,528,234

- - 9,874 6,714 - - 1,364,866 855,289
69,979 63,719 403 210 1,414 940 266,601 291,675
- - - - - - 35,042 29,414
69,979 63,719 10,277 6,924 1,414 940 1,666,509 1,176,380
(20,671) 1,594 2,489 4,659 776 340 343,405 351,854


42 Segmental information (cont’d)

b) Geographical segments
The Group operates principally in two locations which include Nigeria and the United Kingdom (UK). Segmental reporting is
based on the geographical location of the revenue yielding assets.
Nigeria Foreign Total
2009 2008 2009 2008 2009 2008

N’million N’million N’million N’million N’million N’million
Interest income 145,602 89,387 11,330 11,316 156,932 100,703
Interest expense (46,786) (24,089) (8,122) (7,480) (54,908) (31,569)
Net interest income 98,816 65,298 3,208 3,836 102,024 69,134

Fees and commissions received 28,195 23,198 2,787 1,329 30,982 24,527
Income from foreign exchange transactions 2,857 952 92 - 2,949 952
Income from Western Union transactions 983 1,522 - - 983 1,522
Other operating income 26,376 27,944 65 77 26,441 28,021
Non-interest income 58,411 53,616 2,944 1,406 61,355 55,022
Net revenue 157,227 118,914 6,152 5,242 163,379 124,156

Operating expenses 79,726 61,543 2,468 1,790 82,194 63,333
Interest on long-term borrowing 1,744 2,218 - - 1,744 2,218
Depreciation 6,108 4,588 95 83 6,203 4,671
Total cost 87,578 68,349 2,563 1,873 90,141 70,222

Operating profit before provision for
loan losses and other doubtful balances 69,649 50,565 3,589 3,369 73,238 53,934
Provision for loan losses and other
doubtful balances 19,038 5,928 401 100 19,439 6,028
Profit before exceptional item

and taxation 50,611 44,637 3,188 3,269 53,799 47,906
Exceptional item (26,113) - - - (26,113) -
Profit after exceptional item and

before taxation 24,498 44,637 3,188 3,269 27,686 47,906
Total assets employed 1,729,433 1,296,133 280,481 232,101 2,009,914 1,528,234
Depreciation on fixed assets 6,108 4,588 95 83 6,203 4,671
Net interest income margin (%) 68% 73% 28% 34% 65% 69%

125

0–30 days 1–3 mths 3–6 mths 6–12 mths Over 1 year Total
N’million N’million N’million N’million N’million N’million
43 LIQUIDITY GAP REPORT - BANK

Assets
Cash and other short term funds 651,075 - - - - 651,075
Bills discounted - 17,697 - - - 17,697
Trading securities 151,111 - - - - 151,111
Investments - - - 1,360 63,976 65,336
Loans and advances 109,482 284,795 98,645 38,588 152,597 684,107
Advances under finance lease - - 1,525 603 9,641 11,769
Other assets 5,357 42,650 - - - 48,007
Fixed assets - - - - 38,320 38,320
Total assets 917,025 345,142 100,170 40,551 264,534 1,667,422

Liabilities
Deposit 380,557 266,786 156,601 172,103 174,769 1,150,816
Other liabilities 41,233 9,809 - 59,933 - 110,975
Taxation - - - 6,777 12,758 19,535
Long-term borrowing - - - - 35,042 35,042
Capital and reserves - - - - 351,054 351,054
Total liabilities 421,790 276,595 156,601 238,813 573,623 1,667,422
Net liquidity gap as at March 31, 2009 495,235 68,547 (56,431) (198,262) (309,089) -
Assets as at March 31, 2008 1,165,461
Liabilities as at March 31, 2008 1,165,461
Net liquidity gap as at March 31, 2008 -
44 related parties
Transactions between the Bank and its subsidiaries have been eliminated on consolidation. The Bank is the major banker to the
subsidiaries and the Group has common directors. During the year, the Bank transacted businesses with all its subsidiaries and
these transactions were conducted on normal business terms.
45 comparative figures
ertain figures in the 2008 financial statements were regrouped to conform with the current year’s presentation. During the
C
year, one of the subsidiaries was consolidated for the first time. Consequently, the preceding year’s figures of the Group have
been updated to incorporate the brought forward figures of the subsidiary, in order to enhance comparability.

46
S/N Cumulative Outstanding Credit Perfected Security
Name of Relationship Date Expiry Rate of Principal Interest Total Payment Performing Non- Nature Value Date of Remarks
Borrower Reporting Granted Date Interest Provision Made performing Valuation
Institution
N’000 N’000 N’000 N’000 N’000 N’000

1 Hacket Ex-director 30/11/05 31/12/06 19 2,850 - - - - 20,208 - - - Legal
Nig. Ltd ownership
Estate of on vehicle
Prof. Belo- and Personal
Osagie Guarantee

2 Abdulsalam Ex-staff 31/08/02 31/08/12 9 10,200 - - - - 14,570 - 10,200 - Security

T. Ogueyi being
perfected
3 Alli-Balogun Ex-staff 28/10/02 31/01/12 9 10,570 - - - - 2,385 - 8,100 - L/M being
Taiwo arranged
N8.1m
4 Austin E. Ex-staff 28/03/03 28/03/08 9 1,509 - - - - 1,542 - 2 - Perfected
Ekuma
5 S.A. Ex-staff 29/09/98 30/06/10 9 7,580 - - - - 5,883 - 10,300 29/12/01 Perfected

Olubodun
44,588
Details of non-performing insider-related credits as at March 31, 2009
127
GROUP STATEMENT OF VALUE ADDED

2009 2008
N’million % N’million %
Gross earnings
– Ordinary activities 218,287 155,725
– Interest expense (54,908) (31,569)
– Interest on long-term borrowing (1,744) (2,218)
161,635 121,938
Overheads and payments for other services
– Local (35,053) (28,112)
– Foreign (1,322) (1,790)
– Provision for doubtful balances (45,552) (6,028)
VALUE ADDED 79,708 100 86,008 100
DISTRIBUTED AS FOLLOWS:
In payment to employees:
Salaries, allowances and pension 45,819 57 33,431 39
In payment to Government:
Income tax 7,690 10 6,705 8
Information technology development levy 526 1 480 -
54,035 68 40,616 47
To provide for enhancement of assets and expansion:
– Deferred taxation 6,901 8 4,042 5
– Depreciation - Local 6,108 8 4,588 5
– Depreciation - Foreign assets 95 - 83 -
– Profit re-invested in the business 12,569 16 36,679 43
25,673 32 45,392 53
79,708 100 86,008 100
Value added represents the additional wealth created by the Group during the reporting period. This statement shows the allocation
of that wealth among employees, shareholders, government, and that retained for future creation of more wealth.

BANK STATEMENT OF VALUE ADDED

2009 2008
N’million % N’million %
Gross earnings
– Ordinary activities 185,189 130,600
– Interest expense (41,843) (22,283)
– Interest on long-term borrowing (1,744) (2,218)
141,602 106,099
Overheads and payments for other services
– Administrative and other expenses - Local (31,931) (26,636)
– Doubtful debts provision (13,959) (5,819)
VALUE ADDED 95,712 100 73,644 100
DISTRIBUTED AS FOLLOWS:
In payment to employees:
– Salaries, allowances and pension 43,841 46 31,305 43
In payment to Government:
– Income tax 4,529 5 3,126 4
– Information technology development levy 461 - 380 1
48,831 51 34,811 48
To provide for enhancement of assets, retain for
expansion and payments of dividend to shareholders:
– Deferred taxation 6,046 6 4,041 5
– Depreciation 5,761 6 4,319 6
– Profit for the year 35,074 37 30,473 41
46,881 49 38,833 52
95,712 100 73,644 100
Value added represents the additional wealth created by the Bank during the reporting period. This statement shows the allocation of
that wealth among employees, shareholders, government, and that retained for future creation of more wealth.

129
GROUP FIVE-YEAR FINANCIAL SUMMARY

2009 2008 2007 2006 2005

N’million N’million N’million N’million N’million
ASSETS
Cash and balances with Central Bank 140,403 88,351 61,844 50,992 32,881
Due from banks and other financial institutions 764,048 560,879 264,405 169,580 129,256
Treasury bills 17,697 115,480 159,832 108,316 105,624
Trading securities 153,347 100,665 75,847 - -
Managed funds 36,894 56,021 22,070 - -
Investments 47,680 54,142 56,993 60,875 21,651
Investment properties 6,098 1,974 186 - -
Loans and advances 740,397 466,096 217,995 177,303 123,739
Advances under finance lease 11,769 10,297 3,043 1,701 1,283
Other assets 51,888 44,275 31,664 31,851 43,716
Fixed assets 39,693 30,054 17,548 14,222 12,689
Goodwill - - - 1,984 -
TOTAL ASSETS 2,009,914 1,528,234 911,427 616,824 470,839
LIABILITIES
Deposit and current accounts 1,194,456 700,182 599,689 448,915 332,196
Due to other banks 170,410 155,109 85,664 323 -
Managed funds 93,296 62,514 22,070 - -
Tax payable 10,713 8,986 7,470 5,142 4,758
Deferred taxation 13,634 6,743 2,657 2,746 2,089
Dividend - - - 5,238 6,325
Other liabilities 154,958 213,432 88,149 90,183 75,666
Long-term borrowing 35,042 29,414 22,101 - -
1,672,509 1,176,380 827,800 552,547 421,034
SHAREHOLDERS’ FUNDS 337,405 351,854 83,627 64,277 48,726
MINORITY INTERESTS - - - - 1,079
TOTAL LIABILITIES 2,009,914 1,528,234 911,427 616,824 470,839

Gross earnings 218,287 155,725 91,163 67,440 57,255
Profit on ordinary activities before exceptional
item and taxation 53,799 47,906 25,854 21,833 16,808
Exceptional item (26,113) - - 3,703 -
Profit after taxation 12,569 36,679 20,636 17,383 13,234
Amortisation of goodwill - - - 1,984 -
Profit attributable to ordinary shareholders 12,569 36,679 18,652 15,399 13,234
Dividend - - - 5,238 6,325
Return on shareholders’ funds 4% 10% 22% 24% 27%
Earnings per share (kobo):
– Basic 51k 267k 178k 294k 335k
Dividend per share – actual - - - 100k 160k
Dividend cover (times) - - - 2.94 2.09
Note:
Earnings and Dividend per share are based on profit attributable to shareholders and number of ordinary shares of 50k each in issue
at March 31 each year.

BANK FIVE-YEAR FINANCIAL SUMMARY

2009 2008 2007 2006 2005

N’million N’million N’million N’million N’million
ASSETS
Cash and balances with Central Bank 140,353 88,302 60,881 49,444 30,220
Due from banks and other financial institutions 510,722 280,033 137,864 94,029 64,143
Treasury bills 17,697 115,480 159,832 108,316 100,135
Trading securities 151,111 93,396 71,477 - -
Investments 65,336 71,532 64,048 63,729 24,655
Loans and advances 684,107 437,768 219,185 175,657 114,673
Advances under finance lease 11,769 10,297 3,043 1,701 937
Other assets 48,007 39,498 29,701 31,317 30,625
Fixed assets 38,320 29,155 16,850 13,952 12,108
Goodwill - - - 1,984 -
TOTAL ASSETS 1,667,422 1,165,461 762,881 540,129 377,496
LIABILITIES
Deposit and current accounts 1,071,836 661,624 581,827 390,846 264,988
Due to other banks 78,980 44,281 14,448 323 390
Tax payable 6,777 5,091 5,710 4,148 3,954
Deferred taxation 12,758 6,712 2,671 2,751 2,010
Dividend - - - 5,238 6,325
Other liabilities 110,975 78,492 58,773 75,843 55,157
Long-term borrowing 35,042 29,414 22,101 - -
1,316,368 825,614 685,530 479,149 332,824
SHAREHOLDERS’ FUNDS 351,054 339,847 77,351 60,980 44,672
TOTAL LIABILITIES 1,667,422 1,165,461 762,881 540,129 377,496
Gross earnings 185,189 130,600 79,299 61,243 49,475
Profit on ordinary activities before taxation 46,110 38,020 22,097 16,128 15,145
Exceptional item - - - 3,703 -
Profit after taxation and exceptional item 35,074 30,473 18,355 16,053 12,184
Amortisation of goodwill - - 1,984 1,984 -
Profit attributable to ordinary shareholders 35,074 30,473 16,371 14,069 12,184
Dividend - - - 5,238 6,325
Return on shareholders’ funds 10% 9% 21% 23% 27%
Earnings per share - (basic) 141k 223k 156k 269k 308k
Dividend per share - actual - 120k 100k 100k 160k
Dividend cover (times) - 1.28 1.56 2.69 1.93
Note:
Earnings and Dividend per share are based on profit attributable to shareholders and number of ordinary shares of 50k each in issue
at 31 March each year.

131
Departmental Heads 132
Subsidiaries 135
Business Development Managers 138
Contact Information 143
Selected Products and Services 146
Branch Network 149
COMPANY
INFORMATION

132 Company Information
DEPARTMENTAL HEADS
GROUP MANAGING DIRECTOR'S DIRECTORATE
Borodo, Tijjani Mohammed Esalomi, Naomi H. Jaiyesimi, Ayodele O. Loader, Celine Edi-Mesumbe
Company Secretary Head, Domestic Banking Head, Human Capital Chief Marketing Officer
Operations Management
Shobo, Francis Olugbenga Soluade, Adebisi Oluyemi St. Matthew-Daniel, Ugbabe, Onche Rajesh
Group Head, Products Chief Internal Auditor Eyitope Oyinkan Chief Strategy Officer
& Channels Head, Corporate
Transformation

133
Subsidiaries 135
DEPARTMENTAL HEADS Contact Information
Selected Products and Services
143
146
Branch Network 149
DIRECTORATE OF CHIEF FINANCIAL OFFICER
Aderinto, Mojisola Titilayo Adewale, Ademola M. Bolade, Timothy Olaosebikan Dosumu, Mofoluke B.
Head, Financial Control Head, Internal Control & Chief Compliance Officer Head, Treasury
Reconciliation
Lanre-Phillips, Oluyemisi Ogunmodede, Richard T.

Head, Investor Relations Head, Business &
Performance Monitoring
BANKING OPERATIONS AND SERVICES
Abubakar, Abdu Adegoke, Rasheed Aderemi Bammeke, Adenike

Head, General Services Group Head, Information Morohunke
Technology Group Head, Operations

DEPARTMENTAL HEADS
RISK MANAGEMENT DIRECTORATE
Adejorin, Kunle Azubike, Afamefuna Chadi, Dahiru Miller-Lawson, Tekena

Head, Legal Services Chukwuemeka Head, Credit Analysis Head, Market & Liquidity Risk
Head, Classified Asset Mgt & Processing
Olawore, Omolade O. Omoboye, Innocent

Head, Credit Risk Head, Operational Risk
Management

135
Subsidiaries 135
subsidiaries Contact Information

143
146
Branch Network 149
firstbank subsidiaries/managing directors
Hinson, Peter Adeleke, Bayo Dawodu, Nana Adebayo, Boye

MD, FBN Bank MD, FBN Capital Limited MD, First Trustees Nigeria Ag. MD, FBN Mortgages
(UK) Limited Limited Limited
FBN BANK (UK) FBN CAPITAL FIRST TRUSTEES NIGERIA FBN MORTGAGES
LIMITED LIMITED LIMITED LIMITED
FBN Bank (UK) Ltd (‘FBNUK’) is FBN Capital Limited, the First Trustees Nigeria Limited Incorporated in March 2003,
a UK-registered bank authorised investment banking subsidiary (FTNL) was incorporated as a FBN Mortgages Limited
by the Financial Services of FirstBank, was created wholly-owned subsidiary of First commenced business in May
Authority to accept deposits and in 2006 out of the merger Bank of Nigeria Plc in August 2004 as a wholly-owned
undertake banking business. It of the investment banking 1979 to carry on a wide range mortgage banking and property
was incorporated in November department of the former FBN of financial service and wealth investment subsidiary of First
2002 when it absorbed the (Merchant Bankers) Limited, management solutions as well Bank of Nigeria Plc. Licensed by
business of the previous London MBC International Bank and as trusteeship, portfolio and the Central Bank of Nigeria as
Branch of First Bank of Nigeria the erstwhile Corporate Finance asset management services, a primary mortgage institution,
Plc, which commenced business Group of First Bank of Nigeria Plc. investment & financial advisory the company offers commercial
in the early eighties. A wholly- Duly registered by the Securities services, management of and residential mortgages
owned subsidiary of FirstBank, and Exchange Commission (SEC) endowment funds & trust assets, and other real estate finance
FBNUK was initially established as an issuing house, investment syndication, share warehousing solutions, in addition to its focus
to service primarily the London adviser and portfolio manager, and equity management on real estate development
banking requirements of this wholly-owned subsidiary services. and investment.
Nigerian companies and of FirstBank provides top-end
In its drive to create wealth, As an NDIC-insured deposit taker,
FirstBank. However, since financial advisory services to
FTNL has designed a variety the company also offers banking
commencing business, it has a broad range of high net
of products to meet specific services, covering current,
developed into a much broader worth clients, institutions and
needs. These include Children’s savings and deposit accounts,
business operating at the government. The entire spectrum
Education Trust, First Living Trust
especially for individuals and
gateway to Europe and beyond of financing and investment
(launched to address problems small businesses. In this regard,
for African banks, companies transactions is covered, including
encountered on inheritance the company introduced three
and high networth individuals. mergers, business acquisitions,
management), and an equity savings products: Children
capital raising, asset/investment
With its head office located at 28 portfolio management product Savings Account (CSA),
management and brokerage.
Finsbury Circus, London, FBNUK known as ‘GAINS’, which was FlexiSavings Accounts (FSA),
is unique amongst UK-based As an industry leader in deal launched to satisfy clients’ and Mortgage Plan Account
subsidiaries of Nigerian banks origination, execution and appetite for high returns and (MPA), during the financial year.
in that it has a branch in Paris distribution, FBN Capital leverages moderate investment risk. The company currently operates
which looks after business flows its parent company’s strong brand from five branches located
With branches in Abuja and
from francophone West Africa and geographic reach to deliver in Lagos, Ibadan, Abuja, Port
Port Harcourt, FTNL recently
and a representative office in strong underwriting solutions Harcourt and Kano.
embarked on major restructuring
Nigeria serving the international and other premium investment
of its IT infrastructure with a
banking requirements of most banking services.
view to strengthening service
West African interests.
delivery quality.
subsidiaries
firstbank subsidiaries/managing directors (CONT'D)
Olugbemi, Bayo Fanimokun, Akinwumi G. Tayo-Aboaba, Yemisi Ojumah, Valentine

MD, First Registrars Nigeria MD, First Pension Custodian MD, First Funds Limited MD, FBN Insurance Brokers
Limited Nigeria Limited Limited
FIRST REGISTRARS NIGERIA FIRST PENSION CUSTODIAN FIRST FUNDS FBN INSURANCE BROKERS
LIMITED NIGERIA LIMITED LIMITED LIMITED
Wholly-owned by FirstBank, First First Pension Custodian Nigeria First Funds Limited (FFL) is one FBN Insurance Brokers Limited
Registrars Nigeria Limited (FRNL) Limited was incorporated on of the country’s leading venture commenced business in the
has redefined the corporate August 12, 2005, to provide capital/private equity companies. country on July 1, 2000 as a
registrarship function in Nigeria custodial services on retirement It was set up in 2003 to manage wholly-owned subsidiary of
by building sustainable value for savings accounts (RSAs). the First Bank Group SME Reserve FirstBank. FBN Insurance Brokers
its rapidly growing clients. Since The company has a robust – the largest in the market under achieved significant growth,
inception, FRNL has restructured its relationship with virtually the defunct Small and Medium driven by expert broking
market entry and customer retention every licensed Pension Fund Enterprises Equity Investment knowledge in energy/special
strategies in line with the need to Administrator and Close Pension (SMEEIS) scheme, an initiative risks, aviation and domestic
sustain its leading role, changing Fund Administrator. of the Bankers Committee. FFL’s insurance like property, liability,
market dynamics and international business model is focused on auto and construction.
A wholly-owned subsidiary of
best practices. Reputed as Nigeria’s providing venture capital and
First Bank of Nigeria Plc, First In support of its commitment
leading registrar, FRNL boasts a private equity funds to medium-
Pension Custodian Nigeria to constantly improve its
diverse clientele, comprising forty- size companies in Nigeria
Limited generally offers a diverse service delivery capabilities,
two active companies drawn from all seeking growth and capital
portfolio of custodianship the company operates one
sectors of the economy and a total for expansion.
services, including pension of the most sophisticated
shareholder base of over 3.5 million.
contribution collection, pension FFL’s investment is open to sectors insurance brokerage software
In addition, FRNL has strengthened
payments nationwide, cash with high growth potentials applications. This software is
its cross-border footprints through
management; settlement, safe and macroeconomic stability. capable of updating clients’
the dual listing of Oando PIc stock
custody of pension assets, With its in-depth knowledge of database, generating debit
on both the Johannesburg and
portfolio valuation, disbursement the industry, FFL understands notes, clients’ statement of
The Nigerian Stock Exchanges and
of benefits, corporate action, emerging trends and mature accounts and policy renewal
through the hybrid offer of Ecobank
and compliance monitoring markets, and holds a long-term alert. In addition, the company
Transnational Incorporated. With a
assistance. perspective on its investments. manages its special risks
domestic network of six branches,
As a wholly-owned subsidiary portfolio in active collaboration
combined staff strength of one
of one of the leading banks with reputable international
hundred and seven experienced
in Africa, FFL is strategically reinsurance brokers, amongst
professionals, and a state-of-the-art
positioned to make superior which are HSBC and
technology infrastructure, FRNL has
rate of returns on its investment UIB Limited.
built its portfolio around innovative
because of its successful record
service applications including
of accomplishment, impeccable
e-Share Notifier, online access
reputation, professional approach
to share accounts, e-verification,
to investment and network of
e-lodgment to CSCS, e-dividend
relationships in the industry.
and e-bonus payments.
137
Subsidiaries 135
subsidiaries Contact Information
143
146
Branch Network 149
firstbank subsidiaries/managing directors (CONT'D)
Omosa, Folorunsho O. Nsa, Pauline A.

MD, FBN Bureau de Change MD, FBN Microfinance Bank
Limited Limited
FBN BUREAU DE CHANGE FBN MICROFINANCE BANK ASSOCIATES AND
LIMITED LIMITED AFFILIATES
Licensed on January 17, 2007 The latest addition to As at March 31, 2009, First
by the Central Bank of Nigeria the FirstBank Group, FBN Bank of Nigeria Plc had one
(CBN) to conduct bureau de Microfinance Bank (FBNMB) associate company (Kakawa
change business, FBN Bureau de incorporated on January 18, Discount House) and six
Change Limited (FBN BDC) has, 2008, underscores FirstBank’s affiliated companies, namely
since commencing business, commitment to mainstreaming Consolidated Discounts,
leveraged FirstBank’s extensive the large pool of under-banked ValuCard, Banque Internationale
branch network to deliver its in the domestic economy. A key du Bénin, Afrexim Bank (African
products and services to the pillar of FirstBank’s one-stop Export-Import Bank), Africa
market. Under its product supermarket model, FBNMB Finance Corporation and Nigeria
brand name, FBN BDC offers began operations with three Inter-bank Settlement System.
an expansive range of products/ branches located on Broad
services including personal and Street, Matori, and Ikorodu in
business travel allowances in Lagos State.
cash, remittance of school fees
Poised to be Nigeria’s
abroad, payment of medical
microfinance services provider
fees abroad, payment of life
of first choice and to consistently
insurance premium, utility bills
develop a new generation of
payment abroad and mortgage
micro-entrepreneurs by providing
payments. In line with the CBN’s
market-driven products/services
new guidelines on this genre of
in a profitable and suitable
financial services, the company
manner, FBN Microfinance
was the first Class ‘B’ BDC to
Bank Limited currently offers a
migrate to Class ‘A’, following
suite of microfinance services to
payment of N500 million
small and micro entrepreneurs,
to CBN.
sole proprietors, salary earners,
and to groups and individuals
unable to access formal financial
services across the 36 states of
the country.

BUSINESS DEVELOPMENT
MANAGERS
LAGOS DIRECTORATE
Adebayo, Feyi Bakre, Femi David-Etim, Rosemary Majekodunmi, Cecilia

Business Development Business Development Business Development Business Development
Manager, Lagos Island Manager, Lagos Central Manager, Ikoyi Manager, Victoria Island
Mba, Henrietta Odunewu, Bashirat Odunze, Eustace Okeke, Bernie

Manager, Apapa II Manager, Apapa I Manager, Marina Manager, Lekki
Olatifede, Oluremi Omoniyi, Shade Owolabi, Tunde

Business Development Business Development Business Development
Manager, Festac Manager, Yaba Manager, Surulere

139
Subsidiaries 135
BUSINESS DEVELOPMENT Contact Information
143
146
MANAGERS Branch Network 149
WEST DIRECTORATE
Abraham, Tayo Adeola, Jide A. Alabi, Adewuyi M. Arowoogun, Timothy O.

Manager, Kwara Manager, Ogun Manager, Ibadan I Manager, Osun
Bakare, Oladele Emedo, Emmanuel Giwa-Amu, Subu Ibrahim, Abdulahi

Manager, Akure Manager, Isolo II Manager, Ikeja II Manager, Ikeja III
Madojutimi, Philip Odusote, Aderonke F. Oni, Adenrele Oyefeso, Seyi

Manager, Mainland Manager, Ibadan II Manager, Ikeja IV Manager, Isolo I

BUSINESS DEVELOPMENT
MANAGERS
SOUTH DIRECTORATE
Asiegbu, Rosemary Caiafas, Takis Etim Egube, Sam Dibiaezue, Obiora I.

Manager, Port Harcourt South Manager, Calabar Manager, Port Harcourt North Manager, Owerri
Ezeokana, Leo Harris-Eze, Nkiru Igwenagu, Vincent Ndifon, Columbus T.

Manager, Onitsha Manager, Aba Manager, Warri Manager, Awka
Udo, Iquo
Business Development
Manager, Uyo

141
Subsidiaries 135
BUSINESS DEVELOPMENT Contact Information
143
146
MANAGERS Branch Network 149
NORTH DIRECTORATE
Hassan, Alwan A. Kwargana, Ibrahim A. Odeyemi, Gbenga Umar, Abdulhamid

Manager, Kano Manager, Central Area, Abuja Manager, Wuse Manager, Yola
Yaqeen, Habeeb
Business Development
Manager, Makurdi

OTHER BUSINESS
DEVELOPMENT MANAGERS
WEST DIRECTORATE
Abiru, Adetokunbo Business Development Manager, Ikeja I
Oladimeji, Ajibade Business Development Manager, Ekiti
SOUTH DIRECTORATE
Adepegba, George Business Development Manager, Benin
Okolo, Nwanneka Business Development Manager, Enugu
NORTH DIRECTORATE
Abdulkadir, Sulaiman G. Business Development Manager, Bauchi
Ahmad Ahmad, Mohammed Business Development Manager, Minna
Darma, Aliyu S. Business Development Manager, Maiduguri
Ibrahim, Gimba H. Business Development Manager, Kaduna
Lawal, Dauda Business Development Manager, Maitama
Mohammed, Abdullahi Sarki Business Development Manager, Garki
Olonishuwa, Richard Business Development Manager, Lokoja
Rafindadi, Lawal B. Business Development Manager, Sokoto
Sada, Yusuf Business Development Manager, Katsina
Tanko, Sani Bala Business Development Manager, Jos

143
Subsidiaries 135
Contact information Contact Information
143
146
Branch Network 149
Key locations
Subsidiary Business Address Telephone/Fax
SUBSIDIARIES
FBN Bank (UK) Ltd 28 Finsbury Circus, London EC2M 7DT, UK Tel: +44 207 920 4920
Fax: +44 207 920 4970
FBN Bureau de Change Ltd Niger House Building, 1/5 Odulami Street, Lagos 01-2661041
FBN Capital Ltd 16 Keffi Street, Ikoyi, Lagos 01-2707180-9
FBN Insurance Brokers Ltd 9/11 Macarthy Street, Onikan Lagos Tel: 01-2660498, 4709090, 2631165,
4622181-5
Fax: 2660140
FBN MicroFinance Bank Ltd 93 Broad Street, Lagos 01-8501505
FBN Mortgages Ltd 76 Awolowo Road, Ikoyi, Lagos 01-4615860-2, 2694583, 269339
First Funds Ltd 27/29 Biaduo Street, Off Kefii Street, S/W Ikoyi, Lagos Tel: 01-2793910-9, 2668719
Fax: 2660784
First Pension Custodian Ltd 124 Awolowo Road, Ikoyi, Lagos 01-2713220-1, 012694787, 2692839
First Registrars Nigeria Ltd Plot 2 Abebe Village Road, Iganmu, Lagos 01-7743309, 2701078-9, 5465142
First Trustees Nigeria Ltd A.G. Leventis Building, 2nd Floor, 42/43 Marina, Lagos 01-4702621, 2634780, 2647438
FIRSTBANK AFFILIATED COMPANIES
Africa Finance Corporation 3A Osborne Road, Ikoyi, Lagos 01-2799600
African Export-Import Bank Abuja Office – Rivers State Office Complex, Plot 83 Ralph Shodeinde 09-2340712, 2343842
Street, Opposite Federal Ministry of Finance, Central Business District
Banque Internationale du Bénin Carrefour des Trois Banques 03 B.P. 2098, Cotonou, Republique du Bénin Tel: 229-21315549
Fax: 2660140
Consolidated Discounts Ltd Bull Plaza, 10th–12th Floors, 38/39 Marina, Lagos 01-2644271-9
Nigeria Inter-bank Settlement System Plc Plot 1230, Ahmadu Bello Way, Victoria Island, Lagos 01-2716071-4
Valucard Nigeria Ltd 3 Idowu Taylor Street, Victoria Island, Lagos 01-2703010, 2703013-4, 3200325
FIRSTBANK ASSOCIATED COMPANY
Kakawa Discount House Ltd Sterling Towers, 20 Marina, 10th Floor, Lagos 01-2645480-5, 27022904

contact information
Business development officeS

Business Business Telephone/Fax Office Address
Development Development
Offices Managers
Aba Nkiru Harris-Eze 082-227130/221178, 220243, 224462 Fax: 082-220049, 2, Factory Rd, Aba P.M.B. 7152, Aba
08077191049, 08022902159
Akure Oladele Bakare 034-231960-1, 243390, 244020, 230228, 240686, Akure Main Branch, 1 Alagbaka Road, P.M.B. 707, Akure.
08035622077, 08023055509, 08056306509
Apapa 1 Bashirat Odunewu 01-2715119, 08023120752 Apapa Branch, 1 Burma Road, Lagos
Apapa 2 Henrietta Mba 08024495126, 08077803643 Fax:01-5851733 Coker Branch, Plot 4 Block C, Amuwo Odofin Ind. Layout,
Orile Iganmu
Awka Columbus T Ndifon 08033013372, 08052399610 c/o Nnamdi Azikwe University Branch, Awka
Bauchi Sulaiman G. 077-540085, 361939, 543680 Fax: 077-540168, Bauchi Main Branch Nassarawa Road GRA P.M.B. 53, Bauchi
Abdulkadir 08045237199, 08033149001, 08055197612
Benin George Adepegba 052-259130, 259494, 259546 Fax: 052-251113 or 258085, 67, Akpakpava Road, Benin-City
08028086262
Calabar Takis Etim Caiafas 087-239576 Fax: 087-239577, 08023157551, c/o Calabar Main Branch, Calabar Rd. P.M.B. 1020, Calabar
08022903680
Central Business Ibrahim A. Kwargana Tel: 09-4619191, 2346819, 2346820 GSM: 08033328979, Abuja Main Branch, Ahmadu Comassie ouse Plot 777, M.
District, Abuja 08027782266 Buhari way, CBA, Abuja
Ekiti Ajibade Oladimeji Tel: 030-256561, 240725, 240561, 251526, 251836, Ado Ekiti Branch Orereowu Street P.M.B. 5363, Ado Ekiti
030-250725, 250561, 08023159015, 08035751992
Fax: 251428, 08077803915 (Blackberry)
Enugu Mrs. Nwanneka 042-255649, 250040, 257262 Fax: 256456, 08033096992, 21, Okpara Avenue, P.M.B. 1391, Enugu
Okolo 08055070761, 08025366966
Festac Oluremi Olatifede 01-7731455, 08022246811, 07085340283 Festac Branch, 32 Road, Festac Town, Lagos
Garki Abdullahi Sarki 08055197611, 08022237009, 09-2346819, 2346820 Abuja Jos Street Branch, Plot 451, Jos Street, Area 3, Garki.
Mohammed Fax: 09-2346823
Ibadan I Adewuyi M. Alabi Tel: 02-2413156, 2413042, 2412995, 7514229 Fax: 02- Ibadan Bank Road Branch, P.M.B. 5111, Ibadan.
2413659, 08034274896, 08023227237, 08050507176
Ibadan II Aderonke F Odusote 08032588600, 02-2319784, 02-2319906, 08025011600 Molete Branch, 48 Molete/Challenge Rd. Challenge Round
About Opp. Texaco Station
Ikeja I Adetokunbo Abiru 01-4966200, 3453615, 08033047870 Opebi Branch, Adebola House, 40 Opebi Rd. Off Allen
Avenue
Ikeja II Subu Giwa-Amu 01-4966200, 7642474 Fax: 01-3453615, 08058001820, Ilupeju Branch, Ilupeju Bye-Pass Lagos/Abeokuta Exp. Way
8022902158, 08077191023 P.M.B. 1173, Ikeja.
Ikeja III Abdulahi Ibrahim 01-4935179, 8743555, 08034008900, 08023154258, Ikeja Ind. Estate Branch, 21 Oba Akran Avenue P.O. Box 105,
08077890215 Ikeja
Ikeja IV Adenrele Oni 08087282283, 08058001820 Tel: 01-901740-4, 4977862-3 Ikeja Branch, P.O. Box, 69, Ikeja.
Fax: 01-901744
Ikoyi Rosemary David-Etim 01-2793893, 8912632, 08034020005, 08055514956 Keffi Branch, 4 Keffi Road, Off Awolowo Rd. Ikoyi
Fax 01-2793894
Isolo I Seyi Oyefeso 8743555/08034008900, 08087182391 Iyana Ipaja Branch, 177 Lagos Abeokuta Exp. Road, Iyana
Ipaja P.O. Box 3040, Agege
Isolo II Emmanuel Emedo 08023163907, 012790403 Isolo Main Branch, Apapa/Oshodi Exp. Way, Iyana Isolo
P.M.B. 1034, Mushin
Jos Sani Bala Tanko 073-452843, 459651 Fax: 073-459235, 459651, Jos Main Branch, Jos Bank Road Branch, P.M.B. 2027, Jos
08037865645
Kaduna Gimba H. Ibrahim 062-242409-14, 243588 Fax: 245593, 07028355788, Kaduna Bank Road Branch, 14 Bank Road, P.M.B. 2065,
08023224587, 08058686642, 08077191046 Kaduna
Kano Alwan A. Hassan 064-630648, 640650, 630599 Fax: 064-630648, Kano Main Branch 10 Lagos Street Branch P.M.B. 3005,
08022907391, 08036370094, 08077191044 Kano

145
Subsidiaries 135
Contact information Contact Information
143
146
Branch Network 149
Business Business Telephone/Fax Office Address

Development Development
Offices Managers
Katsina Yusuf Sada 065-433189, 431588, 08039536734, 08023107958 Katsina Main Branch 3 Ibrahim Babaginda Way, P.M.B. 2032,
Katsina
Kwara Tayo Abraham 08034274896, 08050507176, 08028469680, 031-221500, Ilorin Branch, Obbo Road, Off Wahab Folawiyo Road, P.M.B.
220128 1354, Ilorin
Lagos Central Femi Bakre 08025249900 Tel: 01-2643566, 2660620, 2643734, Broad Street Branch, 214 Broad Street, P.O. Box 2334, Lagos
2643735 Fax: 01-2664145
Lagos Island Feyi Adebayo 08022914151 Tel: 01-8923239, 8923269 Lapal House Branch, 235, Igbosere Road, Obalende, Lagos
Lekki Bernie Okeke 08022907335 Tel: 01-7746337-8, 46124002 Abibu Adetoro Branch, 51 Abibu Adetoro Street, Off Ajose
Fax: 01-4619230 Adeogun Street, P.M.B. 80137, VI, Lagos
Lokoja Richard Olonishuwa 058-223005, 223004 Fax: 058-223005, 08053079252, Lokoja Main Branch, 411 Muritala Moh'd Rd. P.M.B. 1100,
08022901995 Lokoja
Maiduguri Aliyu S Darma 076-230818, 230843, 236455, 342396 Maiduguri Main Branch Sir K. Ibrahim Rd. P.O. Box 1005,
Fax: 076-230845, 08055197607, 08024139717, Maiduguri
08065704624, 08045026226
Mainland Philip Madojutimi 08022902158, 08022242195, 7651972 Shomolu Branch, 188, Ikorodu Road, Onipanu, P.O. Box 4,
Shomolu
Maitama Dauda Lawal 09-6700264, 2340556, 2346614, 7800234, 2340567 Abuja Main Branch, Ahmadu Comassie House Plot 777,
Fax: 09-2346829, 2345753, 08033176790, 08055179792 Muhammed Buhari Way, Abuja
Makurdi Habeeb Yaqeen 044-532296 Fax: 044/532296, 08057437080, Makurdi Main Branch New Bridge Rd. P.M.B. 2076, Makurdi
08023283704, 08054405440
Marina Eustace Odunze 01-7918079 Fax: 01-5851416, 01-2660395, 08023121365 35 Marina, Head Office (9th Floor)
Minna Ahmad Mohammed 066-223281/2 Fax: 066-223286, 221652, 08023236172, C/O Minna Branch, 3 Bank Road, P.M.B. 62, Minna
Ahmad 08055197609
Ogun Jide A. Adeola 08023020903 office line: 039771743 Shagamu Branch, Akarigbo Street, P.M.B. 2008, Sagamu
Fax: 037-640331
Onitsha Leo Ezeokana 046-212958, 046-300133, 08023122936, 08035742851 Osogbo Gbogan Road Branch, Gbodofon Osogbo
Osun Timothy O. 08033009080, 08020975107 Tel: 036-202281 Sokoto Fodio Branch Abdullahi Fodio Road, P.M.B. 2116,
Arowoogun Sokoto
Owerri Obiora I. Dibiaezue 083-234862 Fax: 083-231089, 08033129286, 08055164476 11/12 Assumpta Avenue, P.M.B. 1060, Owerri
Port Harcourt Sam Egube 084-463718, 232407, 232644, 231789, 232492 Port Harcourt Main Branch, 22/24 Aba Rd. P/H by Leventis
North Fax: 084-233005, 08029990194 B/Stop P/H
Port Harcourt Rosemary Asiegbu 084-463718, 232407, 232644, 231789, 232492 Port Harcourt Main Branch, 22/24 Aba Rd. P/H by Leventis
South Fax: 084-233005, 08033039279 B/Stop P/H
Sokoto Lawal B. Rafindadi 060-234369, 232130, 239064, 238304 Sokoto Fodio Branch Abdullahi Fodio Rd. P.M.B. 2116,
Fax: 238302, 238369, 08055197608, 08022907310 Sokoto
Surulere Babatunde Owolabi 08034033390 Tel: 01-7745557, 2830410 Fax: 01-2830410 Iganmu Branch, Plot 2 Abebe Village Road, Iganmu P.M.B
12778, Lagos
Uyo Iquo Udo 085-200082, 085-201036 Fax: 085-200594, 08023125472 1 Oron Road P.M.B. 1001 Uyo
Victoria Island Cecilia Majekodunmi 08084923637 Adetokunbo Ademola Branch 8 Adetokunbo Ademola Str.
VI Lagos
Warri Vincent Igwenagu 053-258354, 053-258357, 254063, 250023, 08033327712, 124 Sapele/Effurun Road, Warri
08077191047
Wuse Gbenga Odeyemi 08022242198, 08077200234 First Bank Monbolo Crescent (Abuja) Abuja E, Wuse Zone 2
Market
Yaba Shade Omoniyi 08023126400 Yaba Branch, 322 Herbert Macaulay Street P.M.B. 1040,
Yaba
Yola Abdulhamid Umar 075-625198, 627603 Fax: 075-627602, 08033432943, No. 9 Bank Road, Yola
08055197610, 08043138606, 08023234717

Selected products
and services
As a market leader in the financial services debit and credit cards

sector, drawing from its century-long
FirstBank provides a variety of secured credit
experience of dependable service, FirstBank
and debit cards for convenience and ease
has continued to reinvigorate relationships
of transactions when shopping, dinning or
with established customers and develop
making money transfers.
bonds with new ones, through the provision
of far-reaching products and services thus MasterCard
contributing to the well-being of the people MasterCard credit card is a secured credit
and development of the Nigerian economy. card that is accepted worldwide at POS
Some of the Bank’s products and services are First Loans terminals, ATMs and on the Internet in over
highlighted below. FirstBank provides a comprehensive and 210 countries and 22 million locations.
Consumer Banking easily accessible range of retail banking MasterCard is the fastest growing provider
products, offered under the U-First suite of payment solutions all over the world,
of consumer products, with a mission “to and FirstBank MasterCard holders in Nigeria
improve the quality of life and well being of enjoy efficient services worldwide backed
our customers by providing the best Retail by the Bank’s solidity, advanced technology
and Consumer Banking Services in a socially and the cover of MasterCard International.
FirstSavingsPlus responsible and profitable manner.”
This hybrid account targets individual and VisaCard
corporate customers with large savings Mortgages VisaCard is an electronic card issued under
deposits, but who also desire the flexibility The Home Loans scheme is designed to the Visa Technology platform. It is a dual-
of a current account. have a salutary effect on the standard of currency enablement card which can be
living of Nigerians by providing finance used for USD and naira transactions.
Hi-Fi for the construction or acquisition of their
(Children’s Savings Account) dream houses. FirstCash (Debit)
The account is for children and teenagers A debit card (ATM card) is an access card
between ages 0 – 18 years. It is designed to Automobile Loans that allows the user access to funds and
help cultivate a savings habit and conscious FirstBank offers part-finance for the information in his/her account with the Bank
planning towards their future. Besides a low acquisition of automobiles for personal and
in an on-line real-time basis. The point of
opening/minimum deposit of N5,000, the business use. access could be through an ATM for cash
account allows lodgements of cheques and Asset Acquisition Loans withdrawal, balance enquiry, funds transfer
dividend warrants issued in the name of the This scheme provides finance for the etc. or through a POS terminal, to make
child, among other benefits. acquisition of relevant home and office payments for goods and services.
FirstEasy appliances, with unique opportunities to FirstCashCard (Cash Direct)
(Domiciliary Account) enhance your lifestyle. This is a prepaid electronic wallet or purse
This is a premium service with attractive Personal Loans/Overdrafts targeted at the “unbanked”, and allows
interest rates for call/demand and fixed The products provide loans to meet holders to access funds through ATM, POS
deposits, in addition to a loyalty scheme customers’ urgent personal financial or Web, without being account holders.
with exciting rewards. obligations, thereby growing personal Combo Card
banking relationships by providing This is an Identity Card with debit card
financial support for customers at times of enablement, which uniquely identifies the
critical need. card holders and the organisations to which
Receivables/LPO Financing they belong. It could also be used for access
This is a finance scheme designed to restriction based on the bio-data feature
provide funds to small and medium scale embedded in it. It is targeted at schools,
businesses, simplifying the credit process in corporate bodies, associations, and societies.
order to provide self-liquidating loans in a V-Pay Card
timely manner, and the repayment tenures V-Pay is the domestic electronic debit card
are harmonised with customers’ expected version of VisaCard. It is chip-based with
cash inflows. enhanced security.

147
Subsidiaries 135
Selected products Contact Information
143
146
and services Branch Network 149
ELECTRONIC BANKING The FOREX ATM is the first of its kind in AGRICULTURAL FINANCING
Nigeria. It is a kind of self-service bureau
de change ATM, which accepts your USD,
pound sterling or euro and dispenses the
naira equivalent at the prevailing exchange
rate, whilst also performing regular
ATM functions. It is available at selected
FarmersFirst
ATM locations.
The FarmersFirst suite provides financing for
Cheque Accepting ATMs – FirstBank farmers of all cadres to assist in the growth
account holders can pay cheques into their and development of their enterprises.
FirstBank’s products and services are powered accounts through cheque accepting ATMs
The FirstBank Farm Settlement Scheme
by a robust technology base, including at selected locations, in addition to regular
This Scheme is designed to create
an extensive suite of e-banking services ATM functions.
communities where Nigerian youths
designed for customers’ convenience, speed
interested in Agriculture can live and work
and ease of operations. POS Terminals – Payments are made
together on individual farm projects in all
through FirstBank accounts via local debit
FirstOnline the states of the federation.
card POS terminals in collaboration with
The Internet Banking service provides online
Chams Nigeria Ltd and InterSwitch Nigeria Guaranteed Fund Credit (GFC)
real-time access to customers’ accounts
Ltd. In this service, FirstCash Cards (also GFC enables farmers to access credit facilities
anytime, anywhere through secure Internet
known as ATM cards) are accepted at under a guarantee fund model derived from
platforms. It is a well secured service that
merchant outlets equipped with Ingenico the Agricultural Credit Guarantee Scheme
allows customers to perform various
POS terminals for the purchase of goods of the Central Bank of Nigeria.
banking transactions at their convenience
and services.
– view balance, view and print statement, Industrial End-User’s Outgrower
and transfer funds between accounts and Scheme
third parties. Farmers who produce agricultural
commodities as raw materials for specific
FirstAlert
industrial or commercial end-users count on
FirstBank Alert Banking Service is a 24
the Industrial End-User’s Outgrower Scheme
hour daily convenient service which
for their working capital needs.
keeps customers automatically posted
of transactions on their account as they Multi-Channels Agricultural Finance
happen and while they are on the move, via Scheme (Multi-CAFS)
e-mail or SMS. Multi-CAFS helps ease the cash flow
problems of salary earners involved in
FirstMobile
farming. It is the perfect way to keep your
FirstMobile Banking, available to all
farm in business while you get on with the
FirstBank account holders, is a network
business of your regular job.
independent phone solution that provides
financial services and other value added FirstBank Agricultural Credit to Schools
services using the mobile phone and a (FACTS)
payment card (Debit/prepaid cards). FirstBank Agricultural Credit to Schools
provides working capital loans to secondary
Automated Teller Machine (ATM)
schools and tertiary institutions with
The ATM is a self service machine which
agricultural and agro-allied projects.
dispenses cash and performs some Teller
functions. It accepts debit cards issued by
FirstBank and other banks on the Interswitch
network. Other innovative ATMs are
as follows:

Selected products
and services
Farm Machinery & Equipment MONEY TRANSFERS PAYMENTS AND COLLECTIONS

Finance Scheme
FirstBank collects payments on taxes and
This product aligns with government’s
various bills on behalf of government
vision for a Private-Public-Partnership in
agencies and companies. These include:
providing financing for key agricultural
inputs towards revamping the agricultural Utility Bills & Payments
sector. It is provided in partnership Payments for the following utility bills can
with various government agencies and be effected at FirstBank branches:
Western Union Money Transfer
farmers’ bodies.
FirstBank renders international inbound PHCN, NITEL, Water Rates for FCT, Lagos,
National Agro Dealer Scheme money transfer service through the Ogun and Cross River States.
(NADS)-Plus Western Union Money Transfer franchise,
Subscriptions fees (Multichoice DSTV, ZAIN,
This product is designed to provide credit and is the leading agent in Nigeria. This
ETISALAT and DAARSAT) can be paid at all
facilities to agro-dealers, merchants has provided opportunity for people in
FirstBank branches. In addition, these bills
and suppliers of agricultural inputs Diaspora to send money electronically to
can also be paid using FirstBank ATMs or
who wish to participate in the federal their business partners, families, friends, or
FirstBank Online Banking.
government’s Agro Input Purchasing Power business partners.
Support programme. Also, individuals can purchase from
FirstBank branches PHCN tokens by Eko
GSM-102
Distribution Zone.
The GSM-102 is an export credit guarantee
programme, to encourage US Exporters and Payment of Taxes
Banks to extend credit to approved foreign Taxes payable at FirstBank Branches
buyers of agricultural produce and inputs include: FIRS, Customs Excise Duties, NESS,
through approved Banks. NPA Charges, States’ IGR taxes, and Local
government rates and levies.
Commercial Agriculture Credit Scheme
This Scheme, whose fund is sourced from a FirstCollect
N200 billion federal government of Nigeria Through this customised sales collection
bond, was established by the Central service, FirstBank offers specialised Internet-
Bank of Nigeria and the Federal Ministry based sales collection solutions to large
of Agriculture and Water Resources as a corporates aimed at providing payment
strategic response to the lingering food and convenience to their customers and robust
energy crisis worsened by global financial transaction data that facilitate seamless
melt down. FirstBank is a participating Bank transactions. These include: Premium
to disburse the fund to eligible medium and collections, Dealer/Distributor Payments,
large scale integrated and non-integrated School fees collection, Stock trading, Sale
agricultural projects. of exam forms (JAMB, NECO, WAEC, etc),
and Ticket sales.
FirstPay
FirstBank’s Electronic Payment Solutions/
Automated Payment Solutions enable
customers to effect third party payments
to vendors, contractors and salaries
electronically from the comfort of their
offices.
FirstContact
FirstContact is an integrated customer
service centre soon to be available to
customers 24 hours a day, 7 days a week.

149
Subsidiaries 135
BRANCH NETWORK Contact Information
143
146
Branch Network 149
ABIA STATE 13. Aba Osisioma Branch. AKWA IBOM STATE

302 Old Aba Owerri Road,
1. Aba Alaoji Layout Branch. Osisioma Industrial Layout, P.M.B. 7209 Aba. 29. Efa Branch.
544 P/Harcourt Rd, Alaoji Layout. Tel: 082-351399, 350470-1 Near Efa Junction, P.M.B. 1053, Etinan.
Tel: 082-308865 GSM: 08037143328, 08037110227 Tel: 085-556554
GSM: 08059108890, 08033479293 GSM: 08034273337, 08027591186
14. Umuahia Branch.
2. Aba Ariara Branch. 1 Mayne Road, P.M.B. 7017, Umuahia, 30. Abak Branch.
117 Faulks Road, P.M.B. 7315, Aba. Tel: 088-222986, 220465, 220319 6A Market Road, P.M.B. 1150 Abak.
Tel: 082-224692 GSM: 08033100242, 07023077604 GSM: 08021060725, 08023117356
Fax: 082- 225508
GSM: 08056007670, 08038011395, 15. Umuahia Market Branch. 31. Eket Branch.
08088456082 No. 1 Okwulehie Avenue, P.M.B 7301, Umuahia. No. 1 Ekpene Ukpa Road Eket, Akwa Ibom State.
Tel: 088-224000, 223332, 223335 Tel: 085-701273, 701124
3. Aba Ariara Cash Centre. GSM: 08037262639
A-Line 235/236 Ariara Market, Aba. 32. Essene Branch.
Ikot Abasi L.G.A, P.M.B.1012, Ikot Abasi.
GSM: 08059108900 ADAMAWA STATE
Tel: 087-771560
4. Aba Factory Road Branch. 16. Dumne Agency.
Factory Road, P.M.B. 7521, Aba 33. Etinan Branch.
c/o Yola Main Branch
Tel: 082-220327, 227590,221857 220243 83 Uyo Road, P.M.B.1042 Etinan.
GSM: 08033276536 17. Fufore Branch. Tel: 085-341123, 341052
C/O P.M.B. 2050, Yola. 084-552207
5. Aba Main Branch. GSM: 08036400621
2 Asa Road, P.M.B. 7103 Aba. 34. Ikot Abasi Branch.
Tel: 082-227120, 220866 18. Ganye Branch. 1 Ikot Obong Road, P.M.B. 1021, Ikot Abasi.
223870, 227130, 220755, 228862 P.O. Box 55, Ganye Tel: 085-801124, 087-771561
Fax: 082-227210, 228370 Tel: 075-900187
35. Ikot Ekpene Branch.
GSM: 08057109600, 08037576904 GSM: 08082569584
2 Old Stadium Road, P.M.B.34, Ikot Ekpene.
6. Aba Ogbor Hill Branch. 19. Garkida Branch. Tel: 085-400202, 400723, 200088
161, Ikot Ekpene Rd, Ogbor Hill, Aba Near Police Station, P.O. Box 100, Garkida.
36. Ikot Ekpene Market Branch.
Tel: 082-226127, 227810 GSM: 08026975437
P.M.B. 1074, Ikot Ekpene, Awka Ibom
Fax: 082-226127 20. Gulak Branch. Tel: D/L: 087-480211, 08088323704
GSM: 08051767505, 08066178115 c/o Michika Branch, P.M.B. 1001, Michika.
37. Oron Branch.
7. Aba Okigwe Road Branch. GSM: 08051113090
105 Oron Road, P.M.B. 1040, Oron.
28 Okigwe Road, Aba 21. Hong Branch. Tel: 087-776938, 776028, 3053752
Tel: 082-234374, 082-872245 P.M.B. 1002, Hong. GSM: 08035292340, 08028285345
Fax: 082-234319 GSM: 08026976336
38. Maritime Academy Cash Centre, Oron.
8. Aba Town Branch. 22. Mayoine Agency. c/o Maritime Academy of Nigeria Oron,
122 Ehi Road, P.M.B. 7128, Aba. c/o Mayo Belwa Branch. Akwa Ibom State
Tel: 082-220325, 220285, 230285 P.O. Box 06, Mayo Belwa
GSM: 08039626833, 08046110544 39. Ukam Branch.
23. Mubi Branch. Mkpat Enie L.G.A. P.M.B.5001, Ukam.
9. Amaokwe Item Branch. 18, Ahmadu Bello Way, Mubi Tel: 087-771400
c/o Bende L.G.A., P.M.B. 1 Item. GSM: 08034908127
Tel: 082-440966 40. Utu Etim Ekpo Branch.
GSM: 08037465156 24. Mayo Belwa Branch. P.M.B. 1029, Utu Etim Ekpo L.G.A.
P.O. Box 06, Mayo-Belwa Tel: 084-552404
10. Aba Asa Road Market Branch. Tel: 075-626552 GSM 08029724036
94 Asa Road, Aba, Abia State GSM: 08023077013
Tel: 082-232799, 232794, 232792 41. Uyo CBD Branch.
232802, 232808 25. Michika Branch. Plot 2, Block A, Banking & Other Offices Layout,
Fax: 082-232799 P.M.B. 1001, Michika. Udo Udoma Avenue, Uyo, P.M.B. 1230
GSM: 08055259662 GSM: 08054883793 GSM: 08023076663, 08035734956,
08055660007, 08023327991, 08035882366,
11. Aba Ngwa Branch. 26. Numan Branch. 08023653094, 08023574405, 07031177721
51 Ngwa Road, Aba 47, Gombe Road, Numan
Tel: 082-233149, 233212, 233079 GSM: 08034503162 42. Uyo Branch.
1 Oron Road, P.M.B. 1001 Uyo,
12. Nkwoagu Isouchi Branch. 27. Yola Main Branch. Tel: 085-200531, 200082
P.M.B 1020, Ngodo, Isouchi, Okigwe L.G.A. 42, Galadima Aminu Way, Jimeta, Yola Fax: 085-200594
Tel: 082-447837 Tel: 075-627603, 626582, 626073
GSM: 08025567747, 08030983463 GSM: 08036798767 43. Uyo Abak Road Branch.
Fax: 075-625198 Plot 4, Federal Housing Estate,
Olusegun Obasanjo Way, Uyo.
28. Yola Market Branch. Tel: 085-201561, 201552, 201527
109, Mubi Road, P.M.B. 2282 Jimeta.
Tel: 075-624370
GSM: 08053471876, 08054000000

BRANCH NETWORK
ANAMBRA STATE 56. Ogidi Building Material Market Branch. 68. Ugwuagba-Obosi Mkt Branch.
Ogidi Building Material Market, Ogidi. 15, Pope John Paul Avenue,
44. Abba Branch. Tel: 046/872020, 870218, 497870 Ugwuagba-Obosi, Onitsha.
c/o Iruokplala Village Hall, Abba, P.M.B.2008, GSM: 08033169198 Tel: 046-270795, 2707874
Abagana, Njikoka L.G.A Fax: 046-270795
Tel: 048-571106, 571147 57. Onitsha B/Head Branch. GSM: 08023317983
Fax: 048-571037 1 Nkrumah/P.H. Road,
GSM: 08066757216, 08063270137 P.M.B. 1603, Onitsha. BAUCHI STATE
Tel: 046-410731, 413285, 309401
45. Awka Branch. Fax 046-410212 69. Azare Branch.
6, Nnamdi Azikiwe Avenue, P.M.B. 5034, Awka. GSM: 08023602353 Plot 25/27 Jama’Are Road, Azare.
Tel: 046-320726; 048-550015, 554327, 554342, GSM: 08034929635
310265 58. Onitsha Electronic Market Branch.
Fax: 048-552247 Electronic Market, Along Onitsha Express 70. Bauchi Branch.
GSM: 08033516430 Onitsha Nassarawa Road G.R.A. P.M.B. 53, Bauchi,
Tel: 046-871157, 306174 Tel: 077-542024, 543680, 540618, 540085,
46. Awka Aroma Branch. 543979, 546390
KM 43 Enugu Onitsha Expressway, Awka, 59. Onitsha Iweka Branch. GSM: 08023235013, 08058040993
Anambra, P.M.B. 6037 40 Iweka Road, P.M.B. 1750, Onitsha. Fax: 077-543680
Awka, Anambra Tel: 046-210113, 211534
GSM: 08033516430 Fax: 046-218053 71. Bauchi Central Market Branch.
GSM: 08035523712 Bauchi Central Mkt , 1 Illelah Street, Bauchi
47. Ekwulobia Branch. Tel: 077-542024
2 Catholic Mission Road, 60. Onitsha Nwobodo Ave. Branch. GSM: 07032307662, 08060259594
Ekwulobia - Aguata L.G.A. 1 Nwobodo Avenue, P.M.B.1524, Onitsha.
Tel: 046-911449, 463410, 082-307213 Tel: 046-217420, 210212, 411420, 481451, 72. Burra Branch.
GSM: 08023328475 410865 Ningi L.G.A. P.M.B. 53, Bauchi.
Fax: 046-410865, 411420, 300278 GSM: 08036921822
48. Ihiala Branch. GSM: 08063731373
Onitsha Owerri Road, Ihiala 73. Darazo Branch.
GSM: 08023015989, 07083059236, 61. Onitsha Main Branch. Maiduguri Road, P.O. Box 2, Darazo L.G.A.
08034282592 19 New Market Road, P.M.B. 1519, Onitsha. GSM: 08036191591
Tel: 046-210244, 211062, 210245-8, 215081,
49. Nimo Branch. 74. Gamawa Branch.
411062, 410243, 216058, 414327
Njikoka L.G.A. P.M.B.1002, Nimo. Barkin Kasuwa, P.O. Box 4, Gamawa.
Fax: 046-215088, 211176, 411717, 411062,
Tel: 046-581185, 048-880307, Fax: 048-460934 GSM: 08025123093
718062, 412957, 218062
GSM: 08023287610 GSM: 08055382006 75. Itas Agency.
50. Nkpor Branch. c/o Yana Branch,
62. Onitsha, Uga Street Cash Centre.
40, New Market Road, P.M.B. 1626, Nkpor. P.M.B. 6, Yana.
59 Uga Street,
Tel: 046-250690, 250506 c/o Bridge Head Branch Onitsha 76. Katagum Agency.
GSM: 08023287644, 08033667143 c/o Gamawa Branch,
63. Otuocha Branch.
51. Nkwele Ezunaka Branch. P.O. Box 4, Gamawa.
Otuocha L.G.A, P.O. Box 82, Otuocha.
3-3 Junction Opp. Federal Government Girls Tel: 046-460804, 324616 77. Toro Branch.
College, Onitsha Otuocha Highway, Nkwerre GSM: 07035112272 Near L.G. Secretariat, P.M.B. 3, Toro.
Ezunaka, Anambra State. GSM: 08036277419
P.O. Box 85, Oyi L.G.A. 64. Onitsha Ogbaru Mkt Branch.
Tel: 048-880311, 3038772 233B Obodo-Ukwu Rd, Ogbaru Main Mkt, 78. Tafawa Balewa Branch.
GSM: 08023283722 (Near Bournvita House) Okpoko, Ogbaru. Bununu Road, P.M.B. 1, Tafawa Balewa
P.M.B. 1834, Onitsha. GSM: 08050200513
52. Nnewi Branch. Tel: 046-300775
13A Onitsha Road, P.M.B.5015, Nnewi. Fax: 046-215334 79. Yana Branch.
Tel: 046-460086, 462005, 462007, 461125, GSM: 08035428256 Kano Road, P.M.B. 6, Yana.
461877, 463237 GSM: 08034929635
Fax: 046-461004 65. Onitsha Owerri Rd. Branch
GSM: 08033216737 68, Onitsha Owerri Rd. P.M.B. 1832 Onitsha. BAYELSA STATE
Tel: 046-270786-7, 271307
53. Nnewi Bank Road Branch. 80. Odi Branch.
Fax: 046-271307
9/11 Edo Ezemewi Road Yenegoa L.G.A. c/o P.M.B. 5007, P/H (Main).
GSM: 08023331218
GSM: 08033236553 GSM: 08032551276
66. Onitsha Upper New Mkt Rd Branch
54. Nnewi Cash Centre. 81. Mbiama Yenagoa Branch.
88A, Upper New Market, P.M.B 1569, Onitsha.
Nkwo Market, KM 8, Mbiama Yenagoa Road,
Tel: 046-412325, 413981, 413271
c/o Nnewi Branch Yenezue-gene
Fax: 046-410415, 416271
Yenagoa.
GSM: 08033153086
55. Ogbunike Branch. GSM: 08050957024, 08033093199
P.M.B. 7, Ogbunike. 67. UNIZIK Branch.
Tel: 046-6115599, 307030, 550259, 550246, 82. Yenegoa Branch.
Nnamdi Azikiwe University, Banking Plaza, Awka.
550204 Amarata Road.
GSM: 08088950075, 08036726096
Fax: 046-311704 Tel/Fax: 084-490391, 490392,
GSM: 08039442936 GSM: 08029990471, 08058826412

151
Subsidiaries 135
143
146
Branch Network 149
BENUE STATE 95. Maiduguri Branch. 108. Ikom Calabar Road Branch.
Sir K. Ibrahim Road, P. O. Box 1005, Maiduguri. P.M.B. 1030, Ikom
83. Gboko Branch. Tel: 076-232417, 231055, 235322, 235319, GSM: 08023287357, 08035433856,
1, Captain Downes Road, Gboko 342017. 08023461669
GSM: 08050475116, 07035610739 GSM: 0802325035
08026690961 Fax: 076-342396 109. Obudu Branch.
22 Calabar Road, Obudu
84. Katsina–Ala Branch. 96. Maiduguri Kano Road Branch. GSM: 08020931016
Market Road, c/o Postal Agency, c/o Maiduguri Main Branch,
Katsina–Ala. P O Box 1005, Maiduguri. 110. Obubra Branch.
Tel: 044 –90299, 90080, 90269, 90296 Tel: 076-371371, 372372 c/o Calabar Branch, P.M.B. 1025, Obubra,
GSM: 07036792835, 0808659632, GSM: 08054303409, 08061552769 Tel: 087–560035
08036225193 GSM: 0805400405-6, 08077636445
97. Maiduguri Monday Market Branch.
85. Makurdi Branch. c/o Maiduguri Main Branch, 111. Calabar Mayne Avenue Branch.
New Bridge Road, P. M. B. 2076, Makurdi. PO Box 1005, Maiduguri. 104 Mayne Avenue Road Branch
Tel: 044-532156, 533542 Tel: 076-232382 Tel: 087845082
532296, 543131, 532041 GSM: 08029168575, 08052614452 GSM: 08036154831, 08054486280,
Fax. 044-532798 08053241110
GSM: 07036022127, 08035806478 98. Ngandu Agency.
c/o Damaturu Branch, P. O. Box 1009, Damaturu. 112. NNPC Calabar Cash Centre.
86. Makurdi Modern Market Branch. Tel: 076-522980. NNPC Depot, Along Esuk-Utan Road, Calabar
Main Admin Building, Makurdi Modern Market, Fax: 076-522545 GSM: 08030893637, 08088865381
P.M.B. 102176. Makurdi.
99. Uba–Kumagum Branch. 113. Netim Akankpa
Tel: 044-534567, 534679, 534678
Mubi–Yola Road P.O. Box 1005 Cash Centre. Along Calabar Ikom Highway
GSM: 08024235836
GSM: 08051350998, 08026911128 GSM: 08037502298
87. Makurdi North Bank. Road
114. Ugep Branch.
Plot No BNA 7852 Lafia Road, P.M.B. 102076 CROSS RIVER STATE 6 Ikom-Calabar Highway, Ugep.
Makurdi, Benue State.
100. Calabar Main Branch. GSM: 08066922265
GSM: 07038159388, 08036123214
17 Calabar Road, P.M.B. 1020, Calabar
115. Tinapa Branch.
88. Otukpo Branch. Tel: 087-232049, 233300, 557093, 230276,
Tinapa Bus Resort, Line Shop 11b, Calabar.
No. 9 Federal Road, Opposite Police Station 232622, 233562, 233864, 230403, 234400,
Tel: 048-880091, 082-557097
P. M. B. 2210, Otukpo 082-557093
GSM: 08037137058, 08051123437
Tel: 044-661265, 660165, 661165, 661638 Fax: 087-230403
GSM: 08062525604 GSM: 08037079517 DELTA STATE
Fax: 044-661229
101. Calabar Free Trade Zone Branch. 116. Agbarho Branch.
89. Oturkpo Modern Market Branch. FTZ Calabar. P.M.B. 3001 Calabar 142 Old Ughelli Road, P.M.B. 50, Agbarho.
Jerico Road, Hamdala, Oturkpo. Tel: 087-210045-6, 210667 GSM: 08023283662
Tel: 044-662953, 662954, 662952, 662991 Fax: 087-210046
GSM: 07039248900, 08057155485, GSM: 08037502298 117. Agbor Branch.
08036925903, 08052723020, 08054091758 Old Lagos/Asaba Road,
08062525604, 08037020413, 08057055485 102. Calabar II Branch. Tel: 056-25440, 25323, 052-255703,
126, Ndidem Usang Iso Road, Calabar 053-256836, 053-340362
90. Vandeikya Branch. Tel: 087-239660-2, 239661 GSM: 08023009797
Joe Akaham Way, P. M. B. 5, Vandeikya, GSM: 08023157551
Gboko. 118. Asaba Branch.
GSM: 08054528854, 08087336587, 103. Calabar Bacocco Cash Centre. Nnebisi Road, P.M.B.1004, Asaba
08038637955, 08059026920 Within Etudom Nya’s Estate (adjacent to Aka Tel: 056-280210, 282092, 281196
Residential Estate Calabar) GSM: 08023065184
91. Naka Branch. GSM: 08037502298 Fax: 056-281195, 282043
c/o Makurdi Branch,
P. M. B. 2076, Makurdi 104. Calabar Crutech Cash Centre. 119. Asaba II Branch.
Cross River State University of Technology, 52, Illah Road, Asaba
BORNO STATE Calabar. Tel: 046-666616,
GSM: 08056154831 056-282736, 282739, 282962
92. Damboa Branch.
105. Calabar Marina Resort Cash Centre. GSM: 08058473522
Maiduguri/Biu Road, P. O. Box 1005, Maiduguri.
GSM: 08065777585 Marina Resort, Calabar. 120. Effurun Branch.
GSM: 08059717116, 08033217499 4 Warri/Sapele Road, P.M.B. 8, Effurun.
93. Konduga Agency.
106. Ekori Branch. Tel: 053-252801, 250676
c/o Maiduguri (Main) Branch,
Ekori, Yakurr L.G.A. P. O. Box 90, Ekori. GSM: 08057166205
P.M.B. 1005, Maiduguri.
Tel: 076-232417, 231055 GSM: 08067263529, 08028963597, 121. Effurun PTI Branch.
Fax: 076-342396 08062638818 122, PTI Road, Effurun,
107. Ikom Branch. GSM: 08028718312
94. Kwajafa Cash Centre.
Main Street 19 Okim Osabor Street, P.M.B. 1030, Ikom.
P.O. Box 1005, Maiduguri Tel: 045-670577
GSM: 08023287357

BRANCH NETWORK
122. Ekpan Branch. 136. Afikpo Branch. 150. Benin Oregbeni 11 Branch.
60, NNPC Housing Estate Rd., Ekpan, 18 Eke Market, P.M.B. 1005, Afikpo. Benin Agbor Road, Beside Doris Dey Hotel
Tel: 053-253011, 320435, 320484 Tel: 088-521636 Tel: 052-258593
GSM: 08077612624 GSM: 08054989003
151. Benin Sakponba Branch.
123. Evwreni Branch. 137. Akanu Ibiam Federal Poly Cash Centre. 43, Sakponba Rd, Benin City,
Uvwreni Quarters, Evwreni Akanu Ibiam Federal Poly, Abakaliki P.M.B.1133, Benin City.
c/o P.M.B.30, Ughelli. Tel/Fax: 052-450777, 259527
138. Ezzamgbo Branch. GSM: 08055650464
124. Ogwashi–Uku Branch. Ohaukwu L.G.A. P.M.B. 219, Abakaliki.
2 Old Mission Road, Tel: 043-300560 152. Benin Sapele Rd Branch.
P.M.B.1055, Ogwashi–Uku. GSM: 08034304452 155 Sapele Rd, Benin City
GSM: 08059143149, 08023159043 Tel: 052-258356
EDO STATE GSM: 08035501110, 08023159046
125. Sapele Boyo Road Branch.
2A Boyo Road, P.M.B. 4062, Sapele. 139. Agbede Branch. 153. Benin, Siluko Branch.
Tel: 054-341681, 341541 60 Unity Road, c/o Agbede Post Office. 128, Siluko Road, P.M.B. 1053, Benin City,
GSM: 08056165773 GSM: 08058549299, 08037756813 Tel: 052-256965, 600899-900, 258923
Fax: 254416
126. Sapele Main Branch. 140. Ambrose Alli University Cash Centre.
GSM: 08037148809
Chichester Road, P.M.B. 4004, Sapele. Ekpoma. c/o Ekpoma Branch
Tel: 054-322094, 342111 GSM: 08034315892, 08056735231 154. Benin Upper Sakponba Branch.
Fax: 054-341534 43 Upper Sakponba Rd, P.M.B. 1106, Benin City
141. Auchi Branch.
GSM: 08051599324 Tel: 052-256987, 251661
40 B Auchi Road
GSM: 08023322182
127. Ughelli Branch. GSM: 08074882133
40 Market Road, P.M.B. 30, Ughelli. 155. Benin Uselu Branch.
142. Benin Aduwawa Branch.
Tel: 054-600008, 600328 24, Uselu Lagos Road. P.M.B. 1027, Benin City
Beside Big Joe Motors Ltd Benin/Auchi Road,
GSM: 08052359526 Tel: 052-250794
Aduwawa, Benin City
GSM: 08023294715
128. Ughelli Patani Road Branch. GSM: 08038996600
240 Ughelli Patani Road, Ughelli 156. Benin, Ugbowo Branch.
143. Benin, Akpakpava Road Branch.
GSM: 08035725772 189, Ugbowo Road, Benin City.
67, Akpakpava Road, Benin City.
Tel: 052-600301, 600305
129. Warri Airport Road Branch. Tel: 052-256397
Fax: 052-600301
115 Airport Road Warri GSM: 08033862255
GSM: 08023158825, 0803744647
Tel: 053-252029, 252030
144. Benin Ekehuan Branch.
GSM – 08036683358 157. Ekpoma Branch.
76, Ekehuan Road, Benin City
08033749003, 08033331951 Market Road, Eguare, P.O. Box 7, Ekpoma.
Tel: 052-885712, 885713
Tel: 053-256812, 98394, 98439
130. Warri Branch. GSM: 08025239921, 052-885713,
GSM: 08052570237, 08034315892
41 Warri/Sapele Road, P.M.B.1020, Warri. 07029548102
Tel: 053-253011, 252905 158. IPMAN Cash Centre, Benin.
145. Benin King’s Square Branch.
Fax: 053-253042 C/O Benin Oregbeni Branch
P.M.B. 1026, Benin City,
GSM: 08023158202
131. Warri Airport Road Junction Branch. Tel: 052-251080, 256184, 25865
124, Sapele/Effurun Road, Warri. Fax: 052-259741 159. New Benin Market Branch.
Tel: 053-254063, 250063 GSM: 08033042111, 08022920267 No.30 New Lagos Rd, Benin City
Tel: 052-259150
132. WRPC Agency. 146. Benin M.M.Way Branch.
GSM: 08033987085, 08023157464
NNPC Warri Refinery & Petrochemical, Warri 169 M.M.Way, Benin City.
Tel: 052-259739, 250298 160. Sabongida–Ora Branch.
133. Warri Shell-Ogunnu Branch. GSM: 08023158802 64, Obe Street, P.M.B. 102, Sabongida–Ora.
Shell Complex, Warri. Tel: 057-54093
Tel: 053-256333, 256416 147. Benin Mission Road Branch.
GSM: 08023158785
Fax: 053-256415 59 Mission Road, P.M.B. 1138, Benin City.
Tel: 052-258065, 253752, 253916, 161. Uniben Branch.
EBONYI STATE Fax: 052-258067, 256472 Benin Lagos Road, Ugbowo Campus
GSM: 08023158917 University of Benin
134. Abakaliki Branch.
GSM: 08034073592, 052-885851, 052-885852.
4 Sudan United close, Off Ogoja Road, 148. Benin NNPC Agency.
P.M.B. 105, Abakaliki. c/o Benin King’s Square Branch. 162. Uromi Branch.
Tel: 043-211573, 220760 P.M.B 1026, Benin City No.9 Ubiaja Road, Uromi.
Fax: 043-211573 GSM: 08053145438
GSM: 08035909664, 08059795989 149. Benin Oregbeni Branch.
10 Benin/Agbor Road, P.M.B. 1002, Benin City,
135. Abakaliki II Branch. Tel: 052-254708
36 Afikpo Road, Abakaliki Fax: 052-253975
GSM: 08035969893, 08037029375, GSM: 08023158322
07065856436

153
Subsidiaries 135
143
146
Branch Network 149
EKITI STATE 177. Enugu Ogui Road Branch. 191. Abuja Asokoro Branch.
95, Ogui Road, Enugu. 85, Yakubu Gowon Crescent, Asokoro, Abuja
163. Ado Ekiti Branch. Tel: 042-252464, 254071, 255058, 308851 Tel: 09-8723270-1, 8723274
Orereowu Street, P.M.B. 5363, Ado Ekiti. GSM: 08033170350, 08052309048 GSM: 08033326299, 08033208254
Tel: 030-256561, 240725, 240561
33523089, 250561, 251836,251526, 250725 178. Enugu Uwani Branch. 192. Abuja Banex Plaza Branch.
GSM: 08034224731, 08033523089 26 Zik Avenue, P.M.B. 1237, Enugu. Banex Plaza, Plot 750 Aminu Kano Crescent,
Fax: 030-251725 Tel: 042-257382, 251620 Wuse II Abuja
GSM: 08033475622 Tel: 09-4619600, 4619608, 4619603-4
164. Efon-Alaye Branch. GSM: 08033355156, 08053284582
Erekesan Market, P.M.B 37 Efon-Alaye. 179. Enugu Main Branch.
GSM: 08077231345, 08038106816 21 Okpara Avenue, P.M.B. 1008, Enugu, 193. Abuja Bwari Branch.
Tel: 042-253583, 258784, 254386, 258736 Suleja Road, Bwari
165. Emure-Ekiti Branch. Fax: 042-254755 Tel: 09-87238991, 09-8703803
2 Oke Emure Street, P O Box 613 Emure-Ekiti. GSM: 08033105282
GSM: 08035705531, 08026354438 194. Abuja Dei Dei Market Branch.
180. 2nd Enugu Okpara Avenue Branch. Abuja Regional Market
166. Erinjiyan Ekiti Branch. 11 Okpara Avenue, Beside Enugu North LGA Tel: 09-7819704-6
Iwaro Street, P. M. B. 5006, Aramoko-Ekiti. Office, Enugu. GSM: 08060553885, 08025522975
GSM: 08022512667, 08022678365, GSM: 07087998809, 08037135009,
08034225250 08033044469 195. Abuja Garki Branch.
Abuja Festival Road, Area 3, Garki,
167. Ifaki-Ekiti Branch. 181. Enugu New Haven Branch. P.O. Box 45, Abuja.
25 Temidire Street, Ikole Road, 22, Chime Avenue, Enugu. Tel: 09-2341070-3, 2344634, 2344420, 785597
P.M.B. 21, Ifaki-Ekiti. Tel: 042-253663, 252980, 250626 GSM: 08034023287
GSM: 08064407978, 08035705176 GSM: 08033795314 Fax: 09-2341071
168. Ikere-Ekiti Branch. 182. Ikem Branch. 196. Abuja Garki Modern Mkt Branch.
113 Ado Road, Idemo, P.M.B. 7275, Ikere-Ekiti. c/o Postal Agency, Via Nsukka. Abuja Garki Modern Market, Garki, Abuja.
Tel: 030-610545, 251794 P.M.B. 1008, Enugu. Tel: 09-7805724, 2340137, 2340152, 2342729,
GSM: 08028790454, 08035640061 GSM: 08036732740 2340161
GSM: 08052733252, 08023107960,
169. Ikole-Ekiti Branch. 183. Inyi Branch. 08054527212, 08023108019
Oba Adeleye Road, P.M.B. 5009, Ikole-Ekiti. P.O. Box 183, Inyi.
Tel: 030-440611 Tel: 046-460177 197. Abuja,Gwagwalada Branch.
GSM: 08033852632, 08035399251 5, Park Road, Off Abuja/Abaji Road,
184. Nsukka Branch. Gwagwalada, FCT, Abuja
170. Ilasa-Ekiti Branch. 116 Enugu Road, Nsukka. Tel: 09-8820015, 8820033
White House, Oke-Odo Street, Tel: 042-771743, 311982 GSM: 08027613509, 08055361889
P.M.B. 5020, Ilasa-Ekiti. GSM: 08033539622
GSM: 0808444877, 08030785686 198. Abuja Jos Street Branch.
08027810058 185. 9th Mile Corner Branch. Plot 451, Jos Street, Area 3, Garki.
47A Old Onitsha Road. Tel: 09-2344724, 2343889, 2343878, 2342729,
171. Okemesi-Ekiti Branch. 9th Mile Corner, Ngwo 4816192
Odo-Ese Street, P. M. B. 01, Okemesi-Ekiti. Tel: 042-300466-7 GSM: 08051000106, 08028818789,
GSM: 08038448424 GSM: 08033761921 08055355775
ENUGU STATE 186. Obollo Afor Cash Centre. 199. Abuja, Karu Branch.
1 Orba Road, Obollo Afor, Abuja-Keffi Road, Mararaba, Karu LGA,
172. Eha Amufu Cash Centre Udenu LGA, Enugu.
Along Eha- Amufu Ikom/Obollo-Afor Road FCT, Abuja.
187. Orba Branch. Tel: 09-6703827, 6703689
173. Emene Ind. Estate Branch. Orba Udenu L.G.A. P.M B 2079 Nsukka. GSM: 08065303571, 08074985848,
1 Bank Road, P.O. Box 8 Enugu. Tel: 042-770488 08060263756, 08023420023
Tel: 042-559275, 554757 GSM: 08026247880
GSM: 07036002359 200. Abuja Kubwa Branch.
188. Ovoko Branch. Plot B3, Gada Nasko Road, Opp. Total Fuel
174. Enugu Agbani Branch. Ovoko Via Nsukka, P.M.B. 2083, Igbo-Eze, Station, Phase 2, Site 2 Kubwa, Abuja
127, Agbani Road, Enugu Tel: 042-771738, 308007 Tel: 09-8723272-3; 8723269
GSM: 08033772260, 08039305400, GSM: 08055986828 GSM: 08023025971
08037415658
189. Enugu UNTH Branch. 201. Abuja Main Branch.
175. Enugu Abakpa Nike Branch. UNTH, Enugu. Plot 777, M. Buhari Way,
77 Nike Road, Abakpa Nike, Enugu Central Business Area, Abuja.
GSM: 08037251006 FEDERAL CAPITAL TERRITORY (ABUJA) Tel: 09-4619191, 2346819, 2346820
GSM: 08027782266
176. Enugu Ogbete Market Cash Centre. 190. Abaji Branch.
Akwatta Area, Ogbete Mkt, Enugu Toto Road, Abaji, c/o P.O. Box 45, Abuja. 202. Abuja Maitama Branch.
Tel: 042-307579 GSM: 08076068445 13 Mediterranean Str. Imani Estate, Near British
GSM: 08023158697 Council, Maitama Abuja
Tel: 09-7819669, 7819704
GSM: 08023107954

BRANCH NETWORK
203. Abuja Nnamdi Azikiwe Int. Airport Branch. IMO STATE 228. Hadejia Branch.
Local Wing, Abuja Airport Abuja. 14 Kano Road, P.O. Box 83, Hadejia.
Tel: 09-8100121, 8100120, 09-8725358 215. Akatta Branch. Tel: 078-20614, 20856, 20255
GSM: 08033520200 Orlu L.G.A. P.M.B. 6, Akatta. Fax: 078-20449
Tel: 083-305431, 046-664353 GSM: 08027991022
204. Abuja National Assembly Complex Branch. GSM: 08033358847
White House (Basement Room HB26) KADUNA STATE
3 Arms Zone 216. Akokwa Branch.
Tel: 09-8734197, 6277848, 2347881, 2347848 No 24 Old Onitsha Road, P.M.B. 10 Akokwa, 229. Kaduna Bank Road Branch.
GSM: 08033472618, 07027861626, Tel: 083-302570, 300441 14 Bank Road, P.M.B. 2065, Kaduna.
08082558820, 08052733250 GSM: 08058533697 Tel: 062-245454, 243332
GSM: 08023233022
205. Abuja New Wuse Mkt Branch. 217. Amaraku Branch.
Plot 40 Mambolo Street, P.M.B. 1, Amaraku. 230. Katchia Branch.
Wuse Zone 2, Abuja Tel: 046-666025 Kafanchan Road, Opposite Katchia Motel,
Tel: 09-8723275-6, 8723278, 09-8723275 GSM: 08037909046 Kaduna
GSM: 08051789709 GSM: 08028190417, 08051006776
218. Nkwerre Branch.
206. Abuja Shipper’s Plaza Branch. Anara/Orlu Road, Opp Anglican Diocesan 231. Birnin Gwari Branch.
Plot 438 Michael Okpara Way, Opp. Ibro Hotel, Cathedral Nkwerre 1 Kaduna-Lagos Expressway, Birnin Gwari.
Wuse, Zone 5, Abuja GSM: 08037758962 GSM: 08028842107, 08036604895
Tel: 09-5241440-2, 6710750, 09-7819120.
219. Okigwe Branch. 232. Kaduna Central Market Branch.
GSM: 08026158891
184 Owerri Road, Okigwe, Broadcasting Road, Abubakar Gumi Market,
Fax: 09-5241441
Tel: 082-550028, 447209 Kaduna.
207. Abuja,Wuse Branch. GSM: 08030931642 GSM: 08033117654, 08082115660
Russel Centre, Block 2097, Herbert Marcaulay
220. Okigwe Lokpanta Cash Centre. 233. Kaduna Kawo Branch.
Way, Zone 5, FCT, Abuja.
Lokpanta Village Tel: 062-317594, 237594
Tel: 09-5240144-8
GSM: 08051023757, 08023745282 GSM: 08023076871
GSM: 08036550071
Fax: 062-318354
Fax: 5240147 221. Okwelle Branch.
P.M.B. 57, Okwelle, Okigwe. 234. Kaduna Main Branch.
208. Abuja,Zuba Branch.
Tel: 046-666523 Yakubu Gowon Way, P.M.B. 2065, Kaduna.
Motor Spare Parts Market, Zuba, FCT, Abuja.
GSM: 08036673066 Tel: 062-246155, 243858
Tel: 09-5242318, 6720028
GSM: 08033147129
GSM: 08035292471, 08058597378 222. Owerri Main Branch.
Fax: 062-243955, 246854, 249464.
11/12 Assumpta Avenue, P.M.B. 1060, Owerri
209. Abuja Zuba II Branch.
Tel: 083-230900, 232772, 234445 235. Kaduna PPMC Branch.
Area 1 Plot 3, Along Kaduna Express Road,
Fax: 083-231586 KRPC Refinery Complex, KM 12 Kachia Road,
Opp Total Filling Station, Zuba, Abuja.
GSM: 08023117223, 08050408144 Kaduna
Tel: 09-7818906, 7818911, 7818926
Tel: 08023077007, 08060769800, 08058010800
GSM: 08035879553 223. Owerri Douglas Road Branch.
79 Douglas Rd., Owerri. 236. Kaduna South Branch.
210. Abuja Bolingo Hotels Branch.
Tel: 083-230900, 233288 Kachia Road, P.M.B. 2084, Kaduna.
Independence Avenue, Area 10, Garki Abuja.
Fax: 083-233288 Tel: 062-231021, 232880
Tel: 09 – 7803566, 6270845, 2344571,
GSM: 08056738600 GSM: 08035892806
6710795, 2340845
GSM: 08023236151 224. Owerri Wetheral Branch. 237. Kaduna, Tudun Wada Branch.
No. 137 Wetheral Road, Owerri DB 39, Nnamdi Azikiwe Way, Kaduna.
GOMBE STATE GSM: 08068185030 Tel: 062-415849, 415851-3
211. Ashaka Cement Branch. GSM: 08057384972
225. Umuowa Branch.
Ashaka Cement Factory, Ashaka Village, Fax: 062-415853
C/O Owerri Branch, P.M.B. 175, Orlu.
Near Gombe Town Tel: 083-520665, 046-664363, 660794, 238. Kafanchan Branch.
GSM: 08023342308, 07039130766 083-302570 No. 7 Kagoro Road, P.M.B. 1019, Kafanchan.
GSM: 08053267396, 08038979995 Tel: 061-20141, 20145.
212. Gombe Branch.
Biu Road, P.M.B. 1, Gombe. GSM: 08028411401, 08035878189
226. Urualla Branch.
Tel: 072-222133, 222134, 222135, 223214, Fax: 061-20145
c/o Ideato North L.G.A. P.M.B. 2, Urualla, Owerri.
223318, 223120 Tel: 083-302570, 046-660794 239. Samaru Branch.
GSM: 08023349650, 08062295118 Sokoto Road, P.M.B. 02, Samaru, Zaria.
JIGAWA STATE Tel: 069-550983, 551612, 554884, 550692
213. Gombe Market Branch.
Plot 15 Biu Link Road, Gombe, Gombe State. GSM: 08060771161
227. Dutse Branch.
GSM: 08023627548 Fax: 069-550092, 551160
Damaturu Road, C/O P.M.B. 3005, Kano.
Tel: 064-721512-3 240. Saminaka Branch.
214. Kaltungo Branch.
GSM: 08023235036, 08037981331 Ahmadu Bello Way, Near Lere LGA Secretariat,
Gombe–Yola Road, P.O. Box 40, Kaltungo.
Fax: 069-721380, 064-721513 Kaduna
GSM: 08036921822
GSM: 08035914231, 08054484642

155
Subsidiaries 135
143
146
Branch Network 149
241. Zaria Branch. 253. Muhammadu Abubakar Rimi Market Branch. 265. Ajaokuta Branch.
1 Crescent Road, P. M. B. 1006, Zaria. c/o Kano (Main) Branch, P.M.B. 3005, Kano. P.M.B. 1007, Okene.
Tel: 069-330660, 332425, 333458 Tel: 064-644507 Tel: 058-400581, 400481
GSM: 08035990699 Fax: 064-644507 GSM: 08036355946
Fax: 069-330660 GSM: 08023288203
266. Akpanya Branch.
KANO STATE KATSINA STATE Agbedo Akpanya, P.M.B. 1011, Idah.
GSM: 08032619011
242. Mallam Aminu Kano Int’l Airport Branch. 254. Daura Branch.
c/o P.M.B. 3005, Kano. Kano-Kongolam Road, P.M.B. 1046, Daura 267. Ajaokuta Steel Mill Complex Cash Centre.
Tel: 064-318332 Tel: 065-557187, 557095 Ajaokuta Steel Complex, Ground Floor.
Fax: 633255 GSM: 08029152572 P.M.B 1007, Ajaokuta.
GSM: 08053359840 Tel: 058-400540 ext 3429, 400481
255. Dandume Branch. Fax: 058-400581
243. Kano Bello Road Branch. Funtua Birnin Gwari Road, Dandume, Katsina.
16/17, Bello Road, Kano. P.M.B 6055, Funtua 268. Ankpa Branch.
Tel: 064-648959, 649626 GSM: 08023235040, 07034496891 16, Tafawa Balewa Road, P.M.B. 1011, Ankpa.
GSM: 08034535265 GSM: 08036173559
Fax: 064-648959 256. Funtua Branch.
Sokoto/Gusau Road, P.M.B. 6013, Funtua. 269. Ayangba Branch.
244. Bichi Branch. Tel: 069-770348, 333830 Idah Road, P.M.B. 1002, Dekina-Ayangba.
Along Kano Road, Bichi, Bichi LG. GSM: 08025267761 GSM: 08069600939
Tel: 064895459, 064895460 Fax: 069-770019
270. Egbe Branch.
245. Kano Bompai Branch. 257. Katsina Branch. Federal Road, P.M.B. 205, Egbe.
Dantata Road, P.M.B. 3284, Kano, 3 Ibrahim Babangida Way, GSM: 08075010102
Tel: 064-633480, 646743 P.M.B. 2032, Katsina.
271. Isanlu Branch.
GSM: 08023158331 Tel: 065-430863, 431588
P.M.B. 1005, Isanlu.
Fax: 064-646743 Fax: 065-431588
GSM: 08057819129
GSM: 08034537318
246. Kano Dawanau Branch.
272. Itobe Branch.
Dawanau Grains Market, Kano. 258. Malumfashi Branch.
Bank Road, P.M.B. I001, Idah.
Tel: 064-316708-9 Funtua Road, P.M.B. 1011, Malumfashi.
GSM: 08023927897 Tel: 069-80058. 273. Iyamoye Branch.
GSM: 08024971854, 08025242481 Aro Quarters, Along Iyamoye Omuo,
247. Kano Fagge Ta Kudu Branch. Fax: 069- 80169 P.M.B. 1002, Iyamoye.
15 Fagge Road, P.M.B. 3077, Kano.
GSM: 08036158475
Tel: 064-631545, 645961, 645871 KEBBI STATE
GSM: 08023157524, 08034458088 274. Kabba Branch.
Fax: 064-640738 259. Birnin Kebbi Branch. Along Ilorin Express Way, Kabba, Kogi State
Sultan Abubakar Road, c/o P.M.B. 3005, Kano. GSM: 08036271094
248. Kano Kofar Ruwa Branch. Tel: 068-321911, 320662, 321664
Kano Kofa Ruwar GSM: 08065829297 275. Kogi State University Branch.
Tel: 064-638202, 638201, 638203 Fax: 068-321664 Kogi State University, Ayingba
P.M.B. 1015
249. Kano Main Branch. 260. Kamba Branch. GSM: 08039597699
10 Lagos Street, P.M.B. 3005, Kano. Secretariat Road, c/o P.M.B. 2116, Sokoto.
Tel: 064-633280, 632706, 630573, 637839, GSM: 08034043982 276. Lokoja Branch.
630574, 636573, 630070 411 Murtala Moh’d Rd, P.M.B. 1100, Lokoja.
GSM: 08023157449 261. Maiyama Branch. Tel: 058-220402, 220767
Fax: 064-644565 Maiyama Town, c/o P.M.B. 2116, Sokoto. GSM: 08036120317, 08072539346
GSM: 08065480437, 08065871212
250. Kano Zoo Road Branch. 277. Lokoja Nipost Branch.
ABI House, c/o P.M.B. 3166, Kano. 262. Yauri Branch. Ganaja Junction, Kabba-Okene Rd P.M.B. 1100
Tel: 064-661905, 668766 New Kontagora Road, Yauri Town, Kebbi State Lokoja
GSM: 08023585535, 08037030518 GSM: 08036384110, 08024151761 GSM: 08033963453
Fax: 064-668766
263. Zuru Branch. 278. Mopa Branch.
251. Kano Bagauda Lake Agency. Kontagora Town Road, P.M.B. 1003, Zuru, P.M.B. 2002, Mopa
Bagauda Lake Hotel, c/o Kano (Main) Branch, Tel: 067-650205, 650109 GSM: 08055186092
P.M.B. 3005, Kano. Fax: 067-670709
Tel: 064-633280, 630573 GSM: 08026582682, 07031345976 279. Obajana Branch.
Fax: 064-644565 Obajana Cement Factory
KOGI STATE GSM: 08067121286, 08055186092
252. Kano Club Road Branch.
595 Club Road, P.M.B. 3005, Kano. 264. Abejukolo Branch. 280. Ogori Branch.
Tel: 064-635027, 630709, 630648 Ankpa Road, P.M.B. 1000, Abejukolo. P.M.B. 1073, Ogori.
Fax: 064-649266, 635027 GSM: 08053567818 GSM: 08076966048
GSM: 08033304445

BRANCH NETWORK
281. Oguma Branch. 294. Adeola Odeku Branch. 307. Alausa Branch.
Oguma Road, P.M.B. 1004, Oguma. 15B Adeola Odeku Street, Box 71918, Motorways Building, Toll Gate, Alausa Lagos.
GSM: 08083540682 Victoria Island, Lagos, Lagos State. Tel: 01-7618908, 4974009, 4934184, 01-
Tel: 01-4619056, 8977249 7738886
282. Okene Branch. GSM: 08023283658
1 Ado Ibrahim Str/Hospital Road, Fax: 461-9056 308. Article Market Cash Centre.
P.M.B. 1044, Okene. Article Dealers Asso. (ADA), Shopping Complex,
Tel: 058-550364 295. Adetokunbo Ademola Branch. Opp. Int’l Trade fair, Lagos-Badagry Expressway,
GSM: 08057327560, 08023157615 8, Adetokunbo Ademola Str, V/I, Lagos. Abule Oshun, Ojo.
Tel: 01-2704812-4, 7731264, 8703242
KWARA STATE Fax: 270-4813 309. Apapa Branch.
1 Burma Road, P.M.B. 1034 Apapa.
283. Ilorin Branch. 296. Agege Branch. Tel: 01-7745182, 7948874, 5851074, 5451345,
Obbo Road, Off Wahab, Folawiyo Road, 254, Agege Motor Rd, Oko-Oba, Agege, 5877116, 4600076, 4600357, 3053106,
P.M.B. 1354, Ilorin. Lagos. 8506005, 5855490, 5455490
Tel: 031-221500, 222011 Tel: 01-4926129, 4924389, 4921990 Fax: 01-5851733
GSM: 08076950072 GSM: 08022242191
Fax: 031-220128 297. Agege Cash Centre.
27, Abeokuta, Motor Rd., 310. Awolowo Road Branch.
284. Ilorin Sawmill Branch. P.O. Box 65, Agege 116 Awolowo Road, Ikoyi, Ikoyi-Lagos.
149 Lagos Road, Sawmill Area, Ilorin. Tel: 01-4630107-9, 2694310
GSM: 07093324991 298. Agidingbi Branch. Fax: 01-2695857
6, Asabi Cole Road, Off Lateef Jakande Way, GSM: 08033270974
285. Ilorin Surulere Branch. Agidingbi, Ikeja.
159 Abdulazeez Atta Road, Tel: 01-7739744, 7405435, 311. Badagry Branch.
Baboko Surulere, Ilorin. GSM: 08033521764 113 Joseph Dosu Way, Old Lagos Road
Tel: 031-229902-4 Fax: 01-5557837, 3450933 Badagry-Lagos
GSM: 08035844915 Tel: 01-8543655
299. Aliko Cement Terminal Cash Centre. GSM: 08023117218
286. Kosubosu Branch. Aliko Dangote Cement Depot,
P.M.B. 244, Bassa Abule Oshun, Via Satellite Town 312. Bariga Branch.
GSM: 08059407179 10, Jagunmolu Street, Bariga
300. Ajah Branch. Tel: 01-8752697, 8758637, 7655339
287. Offa Branch. Ajiwe, Ajah, Along Lekki-Epe Expressway, Lagos.
64, Olofa Way, Offa Tel: 01-7203350, 7736858, 462-7777-9, 462- 313. Broad Street Branch.
GSM: 08033578864, 7780894-9220-1, 892-6298 214 Broad Street, (Elephant House),
08051131290 GSM: 08033087110 P.O. Box 2334, Lagos.
Tel: 01-2643566, 2660620, 2643734, 2643735,
288. PPMC/NNPC Cash Centre. 301. Ajah Cash Centre. 7748839
Oke-Oyi, Kwara State. Ajah Market, Eti Osa L.G.A, Lagos. GSM: 08023232978
GSM: 08053623468 Tel: 01-4618852, 461-6535, 461-8099, Fax: 01-2664145
461-0926-7
289. Omu-Aran Branch.
Fax: 01-461-8098 314. Chevron-Texaco Branch.
170A, Taiwo/Ekan Road,
GSM: 08033073642 Along Chevron Drive, Chevron Complex, Lekki,
P.M.B. 1071, Omu-aran,
Lagos.
GSM: 08035812774, 08057879681 302. Ajegunle Branch. Tel: 01-4616640-2
74 Malu Road, Ajegunle, P.M.B. 1180, Apapa. Fax: 01-4616640
LAGOS STATE Tel: 01-4600357, 4716361-2, 7407923 GSM: 08033000113, 07028118099
290. Abattoir Cash Centre. Fax: 01-5454335
Lagos State Govt. Abattoir, Oko-Oba, GSM: 08023329034 315. Coker Branch.
Agege, Lagos State Plot 4 Block C, Amuwo Odofin Ind. Layout,
303. Akowonjo Branch. Orile Iganmu, Lagos.
291. Abibu Adetoro Branch. Akowonjo Road, Akowonjo. Box 14767, Ikeja Tel: 01-7745182, 7948874, 8135604, 5851074,
5I Abibu Adetoro St, Off Ajose Adeogun St, Tel: 01-4705827, 4926440-2, 4926440, 8705050
P.M.B. 80137, Victoria Island, Lagos. 4923785 Fax: 01-5851733
Tel: 01-7746337-8, 46124002 8140319 Fax: 01-4926438 GSM: 08033277210
GSM: 08023214585 304. Alaba Int’l Market Branch.
Fax: 01-4619230 316. Creek Road Branch.
29, Ojo–Igbede Rd. New Alaba, Lagos. 32, Creek Road, Apapa, Lagos.
292. Abibu-Oki Branch. Tel: 01-8043568, 7732669, 8776819, 5894468, Tel: 01-5876356, 7919294, 7905835,
A.G. Leventis Building, 42/43 Marina, 5894463, 8737758 2707820-22
P.M.B. 12554, Lagos. Fax: 01-7732669, 5894467 Fax: 01-5876361
Tel: 01-7737749, 2643056 GSM: 08023227238, 08023043772 GSM: 08023124081, 8991700
GSM: 08033019963 305. Alaba Int’l Market
Fax: 01-2660302 317. Daleko Market Branch.
Cash Centre. Densine Mall, Dobbil Avenue, Daleko Market, Bank Road, Mushin, Lagos.
293. Abule Egba Branch. Alaba Int’l Market, Alaba, Lagos. Tel: 01-4520234, 4521780, 7610819
440, Lagos Abeokuta Expressway, 306. Alaba Rago Mkt. Cash Centre. Fax: 01-4520972
U-Turn Bus Stop, Abule Egba, Lagos State Alaba Rago Market, Alaba Rago, GSM: 08023196985
Tel: 01-7618853, 7614542 Lagos-Badagry Express Way.
Tel: 01-8763971

157
Subsidiaries 135
143
146
Branch Network 149
318. Domino Cash Centre. 331. Ijora Branch. 343. Ajao Estate Branch.
1-11 Commercial Avenue, Sabo Yaba, Lagos. 23-25 Ijora Crossway, P.O. Box 228 Apapa. 25 Murtala Mohammed International Airport Rd,
GSM: 07028701436 Tel: 01-8160545, 7738884-9, 8168545, Ajao Estate
8162280, 8965081, 8047328, 8160545 Tel: 01-2714538, 2714539,
319. Dopemu Branch. Fax: 01-5454772 Fax: 01-2714540
Deebo Plaza, 618, Dopemu-Akowonjo Road, GSM: 08033209323, 08082719402 GSM: 08023121935
Dopemu Roundabout, Dopemu, Lagos.
Tel: 01-8133309-10 332. Iju Branch. 344. Investment House Branch.
159 Iju Road by Fagba B/Stop, Iju Agege 21-25 Broad Street, Lagos.
320. Ebute Metta Branch. Tel: 01-2120764, 7402369 Tel: 01-2640469, 7932756
1 Savage Street, Apapa Road, P.M.B. 12014,
GSM: 08038445812
Ebute Metta. 333. Ikeja Branch.
Tel: 01-5837998, 5834477, 7745556 P.O. Box 69, Ikeja. 345. IPMAN Cash Centre.
GSM: 08023044870 Tel: 01-901740-4, 4977862-3 1-15 Dockyard Road, Apapa, Lagos.
Fax: 01-901744 Tel: 01-7924721-2
321. Eko Hotel Branch. GSM: 08079635004
City Express building, Plot 1637, Adetokunbo 346. Isolo Branch.
Ademola, Victoria Island, 334. Ikeja Allen Avenue Branch. Apapa/Oshodi Express Way, Iyana Isolo, n
Tel: 01-8977347, 8946574, 2623164, 7749773 58 Allen Avenue, P.M.B. 21087, Ikeja. P.M.B. 1034, Mushin,
GSM: 08023013110 Tel: 01-4970510, 7612054, 7746024, Tel: 01-2790405, 8115503, 4520434,
01-4747044 4520087,4523662, 4520254, 2790401.
322. Enu-Owa Cash Centre.
Fax: 01-2790403
62, Enu-Owa Street, Lagos 335. Ikeja Military Cantonment Agency. GSM: 08023227250
Ikeja Military Cantonment,
323. Epe Branch. 9th Mechanised Brigade, Maryland, Ikeja 347. Isolo Industrial Estate Branch.
P.M.B 1022, Epe. C/O Ikeja Branch, P. O. Box 69, Ikeja. Limca Way, Ilasamaja, Off Apapa-Oshodi Express
Tel: 01-7770090, 7770102, 7770875, 7611147 GSM: 08023011822 Way. Lagos State.
GSM: 08023107390, 08054864468
Tel: 01-4528876, 7755331, 8195926
336. Ikeja Ind. Estate Branch. GSM: 07028141406, 08059731656,
324. Falomo S/Centre Branch. 21, Oba Akran Avenue, PO Box 105, Ikeja.
Awolowo Road, Ikoyi, P.M.B 1022, Ikoyi. 08033217499
Tel: 01-4978541, 4968609, 8905307, 8776016, Fax: 01-4528877
Tel: 01-2695506, 2693029, 463-0563 2716660, 2716662
Fax: 01-804-7921, 0761-6335 Fax: 01-4978501, 4968610 348. Iyana Ipaja Branch.
GSM: 08022233103, 8770173
177 Lagos Abeokuta Express Rd.,
337. Ikorodu Branch. Iyana Ipaja, Lagos. P.O.Box 3040 Agege,
325. Fed. Secretariat Branch. 88 Lagos Road, P.M.B. 1005, Ikorodu.
Federal Secretariat Complex Ikoyi, Tel: 01-7737622, 7918348
Tel: 01-7781360-2, 7748382, 7745062
P.M.B. 12736, Lagos. Fax: 01-7745662 349. Keffi Branch.
Tel: 01-8949220-1, 8926298, 773-2667
4, Keffi Street, Ikoyi, Lagos.
Fax: 01-269-5984 338. Ikota Branch. Tel: 01-7732429; 2707173, 2714543-5
GSM: 08033043531 Ikota Int’l Market. Ikota Shopping Complex, GSM: 08022233104
Victoria Garden City, P.O. Box 52717, Falomo
326. Festac Branch. Tel: 01-4618099, 4616535, 4617047, 4616535, 350. Ketu Branch.
32 Road, Festac Town, Lagos 4610927 561 Ikorodu Road, Mile 12, Ketu Lagos
Tel: 01-5895496-9, 8511130-1, 7235637 Fax: 461-8098 P.M.B. 21468, Ikeja.
Fax: 01-2790403 GSM: 08033017731 Tel: 01-5965474-5, 7737622, 8542209,
GSM: 08023062133
7803655, 4932780, 01-2120626
339. Ikotun Branch.
327. Jibowu Branch. 39, Ikotun-Idimu Rd, Ikotun 351. Kofo Abayomi Branch.
10, Alakija Street, Jibowu, Yaba. Lagos. Tel: 01-8161220 43 Kofo Abayomi Avenue, Apapa
Tel: 01-7734815, 7734804
Tel: 01-5803717-9, 7171080-1, 8046034
340. Ilupeju Branch. GSM: 08022250101, 08077089570
328. Iddo Market Branch. Ilupeju By-Pass, P.M.B. 1173, Ikeja.
1, Taylor Road, Iddo. Tel: 01-7733151, 4979414, 4933617, 4930478, 352. Lapal House Branch.
Tel: 01-7642059, 7636659 4930692-3 235, Igbosere Road, Obalende, Lagos.
GSM: 08023196985, 08023102744,
Tel: 01-8923239, 8923269
08035637852 341. International Trade Fair Complex Branch. GSM: 08023002913
Wing B, Hall 2, Hexagon 9, Int’l Trade Fair
329. Idimu Branch. Complex, Badagry Express Road, Box 6238 353. Lawanson Branch.
205, Idimu Road, Yem-Kem Shopping Plaza, Festac Town, Lagos. 59/61 Lawanson Road, Surulere, Lagos.
Agege, Lagos State. Tel: 01-7642928, 8505382, 4704437, 3208374, Tel: 01-7389757,8198743
Tel: 01-4744464, 8135603, 8235607. 3053254, 8512643, 5894175 GSM: 08023076998
330. Iganmu Branch. Fax: 01-3455644, 3455330
GSM: 08023224619, 8708889, 7642928 354. Lekki Branch.
2 Abebe Village Road, P.M.B. 126734, Iganmu.
Block 90°, Chris Efunyemi Onanuga Street,
Tel: 01-7745557, 2830410 342. Int’l Trade Fair Complex II (Balogun) Cash Centre. Off Admirality Way, Lekki Phase 1
Fax: 01-2830410 NIICO Best Executive Plaza, Opp. Atiku Hall, Tel: 01-2793383-4, 2700951
GSM: 08023232976 In’tl Trade Fair Complex, Mile 2-Badagry GSM: 07028200618
Expressway, Lagos
Tel: 01-7918350; 7918351

BRANCH NETWORK
355. Marina Branch. 367. Obun-Eko Branch. 382. Oshodi-Mile 2 Expressway Branch.
35 Marina, P.O. Box 2006, Lagos. 126 N. Azikiwe Street, P. O. Box 2353, Lagos. Plot 104 Oshodi Mile 2 Expressway, Near Cele
Tel: 01-2666120-4, 2669697, 7905835 Ext. Tel: 01-2663261, 2643659, 4791019 Bus-stop, Lagos.
2278, 7651972 GSM: 08023010332 Tel: 01-2816182, 8112185, 8049281
GSM: 08022242195, 08055154389 Fax: 01-2663109
383. Owode Branch.
356. Matori Branch. 368. Odun Ade Cash Centre. Ibeshe Road, P.M.B. 231, Ikorodu.
84/88 Ladipo Street, Papa Ajao, P.M.B. 1120, Shop 1&2, First Floor, Block 2, Agric, Tel: 01-7745560, 01-4930536
Mushin. Odun Ade, Coker. Fax: 01-4930536
Tel: 01-4520974-7, 4522163, 8765649 Tel: 01-8777734
Fax: 01-4528383 384. Progressive Market Branch.
GSM: 08023116047, 8765619 369. Ogba Branch. Association of Progressive Traders Plaza
Plot 7, Block C, Acme Road, P.M.B. 21441, Ikeja. Tel: 01-7395827, 7395835
357. Mayfair Gardens Branch. Tel: 01-4920980, 4926375, 7938779
KM 36 Awoyaya, Lagos/Epe Expressway, 385. Saudi Eko Branch.
Lekki Peninsula, Lagos 370. Ojo Cantonment Agency. Lagoon Plaza by Lagos Central Mosque, Nnamdi
Ojo Military Cantonment, Ojo, Lagos-Badagry Azikiwe Str, Lagos Island
358. Mazamaza Branch. Exp. Road, c/o P.M.B. 12674, Lagos. Tel: 01-7388210
8, Old Ojo Road, Mazamaza, Lagos Tel: 01-5888880
Tel: 01-9502026 386. Seme Border Branch.
GSM: 08023134560, 07029382513 371. Ojodu-Isheri Branch. Nigeria Customs Ground, Seme Border
2, Ojodu-Isheri Road, Ojodu Berger, Ikeja, Lagos. GSM: 08023305011, 07084855196
359. Moloney Branch. Tel: 01-3453614, 4925313, 4924383, 7612911
28 Berkley Street, Lagos. P.O. Box 2099, Lagos. 387. Shell Agency Branch.
Tel: 01-2645801, 8990500, 7641824, 2635238, 372. Ojuwoye Cash Centre. Shell Petroleum & Dev. Company, Freeman
2635758 7, Dada Iyalode Str. House, G.P.O. 2006 Marina.
GSM: 08023125466 Off Post Office Rd. Mushin Lagos Tel: 01-2601600-9.
Fax: 01-2645801 Tel: 01-7918306 Fax: 01-2636681
360. M.M. Int’l Airport Branch. 373. Oke-Arin Market Branch. 388. Shomolu Branch.
M.M Airport Complex, P.O. Box 4508 Ikeja. 53 Offin Road, Lagos. 188, Ikorodu Road, Onipanu, P. O. Box 04,
Tel: 01-4979421, 8144653, 7653946 4961641, Tel: 01-2641516, 2641761, 7908909, 2643870 Shomolu.
8159783, 2705349, 08-8773644 GSM: 08022233359 Tel: 01-7745763, 5550643
Fax- 01-4979422, 4961638 Fax: 01-2643871
389. Stock Exchange House Branch.
361. M.M. Way Branch. 374. Oke-Odo Branch. Customs Street, P. O. Box 7685, Lagos.
128 Murtala Moh’d Way, 415, Abeokuta Expressway, Ile-Epo Bus Stop, Tel: 01-2661685, 2661696, 2668195, 8132809,
P.O. Box 1021, Ebute-Metta. Lagos. P.O.Box 2828 Agege, Lagos. 2661701
Tel: 01-5821719, 7737621, 8532121, 2803158 Tel: 01-8135643, 7918307, 4925464, 4920086 GSM: 08024495126
GSM: 08020557644 Fax: 01-4925690 Fax: 01-2661701
362. Mushin Branch. 375. Okota Branch. 390. Sura Cash Centre.
197 Agege Motor Road, Lagos. 3, Ago Palace Way, Okota, Lagos. Block 13 Sura Shopping Centre, Simpson Street,
Tel: 01-8744789, 7242483 Tel: 01-7948712-3 Lagos.
GSM: 08034009025 GSM: 08050583366
376. Oniru Market Branch.
363. Navy Town Branch. Lagos/Epe Expressway, Lekki Peninsula, Lagos. 391. Surulere Branch.
B.M.U Complex (Road 8), Navy Town, GSM: 08023042781, 08024728118. 17 Itire Road, P. O. Box 273, Surulere.
c/o P.M.B. 008, Festac Town. Tel: 01-7745558, 7746164, 7924722, 5848733,
377. Opebi Branch. 5831110, 7746134
Tel: 01-5883897, 5890225, 4705913, 7233350, Adebola House, 40, Opebi Road, Off Allen
8046034, 8134640, 8134644, 3053211, GSM: 08036340443
Avenue, Ikeja-Lagos.
8049927, 2803211 Tel: 01-2716706, 3450320-2, 7918352-3 392. Surulere Aguda Branch.
GSM: 08023133307, 07028028708 42/44 Enitan Street, Surulere, Lagos.
378. Oregun Ind. Estate Branch. Tel: 01-7615858
364. Niger House Branch. Plot 2B Adewunmi Close, P.M.B. 21444, Ikeja.
1/5 Odunlami Street, P.M.B. 12883, Lagos. GSM: 08023035537
Tel: 01-4935439, 8705129, 4970410, 4934875
Tel: 01-2665781, 7911779, 2662606 393. Surulere S/Centre Branch.
GSM: 08023171593 379. Osapa London Branch. 84 Adeniran Ogunsanya St, c/o P. O. Box 273,
Kilometer 7, Lekki-Epe Expressway, Osapa- Surulere.
365. N.1.J. House Branch. London, Lekki.
20 Adeyemo Alakija Street, Victoria Island, Tel: 01-5850831, 7945559, 8118117, 7745559
Tel: 7317600 GSM: 08023233061
P.M.B. 50, Falomo. GSM: 08023294717, 07028200618
Tel: 01-4619053-4, 2619312, Fax: 01-2616484 394. Tejuosho Branch.
GSM: 08023043033, 08033814164 380. Oshodi Branch. No. 29 Tejuosho Street, Yaba
471 Agege Motors Road, Oshodi. Tel: 01-7360452, 7360453, 7360454
366. Oba Akran Branch, Tel: 01-7948714-5
46, Oba Akran Avenue, Ikeja. 395. Tin Can Island Branch.
Tel: 01-4960320-1, 4960303-4, 2700951, 381. Oshodi Cantonment Agency. Tin Can Island Port Complex, Off Apapa/Oshodi
7740485 c/o Ilupeju Branch, P.M.B. 1173, Ikeja, Lagos. Express Road, P.M.B. 1019, Apapa.
Tel: 01-5454459, 7931166, 7930899, 5871307,
5873096
GSM: 08055414150, 08023024488

159
Subsidiaries 135
143
146
Branch Network 149
396. Toyin Olowu Branch. 408. Minna Branch. 422. Ota Branch.
14A, Olowu Street, Off Toyin Street, Ikeja, Lagos. 3 Bank Road. P.M.B. 62, Minna. Lagos/Abeokuta, Expressway, P.M.B. 1036, Ota.
Tel: 01-8987988, 8987993, 4938089, 8773443, Tel: 066-221070, 223804 Tel: 01-7738834, 039-722457, 722242
7388789 GSM: 08057979226, 08023043763 GSM: 08065206390
Fax: 01-4938092 Fax: 066-221652, 222185, 222968
423. Ota II Branch.
397. Trinity Branch. 409. Rijau Branch. 241, Idiroko Road, Ota, Ogun State.
Olodi-Apapa, No. 1, Industrial Road, By Trinity Zuru Road, P.M.B. 2116, Rijau. Tel: 01-7614543, 7618854
Police Station, Olodi Apapa, Lagos. Tel: 067-31441 GSM: 08037156569
Tel: 01-8112183-4, 5858731-9
Fax: 01-5458739 410. Suleja Branch. 424. Shagamu Branch.
GSM: 08023328542 Minna Road, P.M.B. 23, Suleja. Akarigbo Street, P.M.B. 2008, Sagamu.
Tel: 09-8501513, 8500087, 8501288 Tel: 037-432559, 640701, 776955
398. Western House Branch. Fax: 09-8500280 GSM: 07027983178
8/10 Broad Street, P. O. Box 2135, Lagos. Fax: 037-640331
Tel: 01-2716457, 2636642, 2634930, 2636499, 411. Suleja S/Centre Agency.
7608186, 7257762 IBB Modern Market, P.M.B. 23, Suleja. ONDO STATE
GSM: 08073767303 Tel: 09-8500061
425. Akure Main Branch.
Fax: 01-2636642
OGUN STATE 1 Alagbaka Road, P.M.B. 707, Akure.
399. Willoughby Branch. Tel: 034-231960-1, 243390, 244020, 230228,
412. Abeokuta Branch. 240686
9A Willoughby Street, Ebute Metta.
95 Obafemi Awolowo Rd, GSM: 07030903767
Tel: 01-8536747, 7303615, 7303657, 7303658,
P.M.B. 2003, Abeokuta.
7303659
Tel: 039-245812, 240154, 240952 426. Akure Market Branch.
GSM: 08033385084
Fax: 039-241285 Oba Adesida Street, P.M.B. 629, Akure.
400. Yaba Branch. Tel: 034-242403, 240243, 243758
413. Abeokuta II Branch. GSM: 08033589155
322 Herbert. Macaulay Str, P.M.B. 1040, Yaba.
Onikolobo Road, Abeokuta.
Tel: 01-7745561, 2789861, 5862176,
Tel: 039-764057, 976457 427. Araromi-Obu Branch.
5455273-5
GSM: 08052408250 1 College Road, Aloba, P.M.B. 505 Araromi -Obu
Fax: 01-5455272
GSM: 08034415140, 08034672100
414. Agbara Ind. Estate Branch.
NASARAWA STATE Ilaro Street, P.M.B. 012, Agbara. 428. Idoani Branch.
401. Lafia Branch. Tel: 01-7745552, 7712041-3, 7757212 1 Olutoye Street, P.M.B. 203, Idoani.
No. 5 Jos Road, P.M.B. 5, Lafia. GSM: 08023051490 Tel: 051-53024
Tel: 047-220229, 221289, 221721, 221423, GSM: 08033508855, 08079864873
415. Babcock Cash Centre.
221287, 220283 Babcock University, Ilishan-Remo. 429. Igbokoda Branch.
GSM: 08082788282, 08035997891 GSM: 08023107364 Opposite Forward Naval Base, 30 Broad Street,
Fax: 047-220283, 220229, 221721, 221423 Igbokoda, P.M.B. 339, Igbokoda.
416. Ewekoro Branch. GSM: 08035690656
NIGER STATE KM 37 Lagos Abeokuta Expressway, Ewekoro
GSM: 08023158078, 08078435107, 430. Ikaram-Akoko Branch.
402. Bida Branch.
08023076911 Oyagi Street, P. O. Box 001, Ikaram-Akoko.
Zungeru Road, P. O. Box 48, Bida.
GSM: 08089528410
Tel/Fax: 066-461640, 461540 417. Igbogila Branch.
P.M.B. 2015, Abeokuta. 431. Ikare Branch.
403. Kagara Branch.
Tel: 01-7901332 L21 Ilepa Street, P.M.B. 275, Ikare,
P.M.B. 1, Kagara.
GSM: 08069147697 Tel: 050-670730, 670445
GSM: 08075337505
GSM: 08024625882
418. Ijebu-Ode Branch.
404. Katcha Branch.
26 Ibadan Road, P.M.B 2141, Ijebu-Ode. 432. Ile-Oluji Branch.
c/o Postal Agency, Katcha.
Tel: 037-431378, 434534, 433613, 432382, 1 Old Motor Park, P.M.B. 704, Ile-Oluji.
GSM: 08036012189, 08084357326,
037-776103 GSM: 08033508855
08069319833
419. Mosinmi Branch. 433. Oka-Akoko Branch.
405. Kontagora Branch.
NNPC/PPMC Complex, Km 17, 6 Ikese Quarters, P.M.B. 07,Oka-Akoko.
P.M.B. 06, Kontagora.
Ikorodu Sagamu Road GSM: 08035813032
Tel: 067-220018, 220272
Mosinmi. c/o Sagamu Branch.
Tel: 01-8933430 434. Akure Oke Aro Branch.
406. FCE Kontagora Cash Centre.
GSM: 08023227249 121A, Idanre Road, Akure
Federal College of Education, Kontagora.
GSM: 08032224688
GSM: 08036935715, 08037039576
420. Ogbere Branch.
Old Benin Road, P.M.B. 1005, Ogbere. 435. Ondo Branch.
407. Kuta Branch.
Tel: 037-432031 Agbogbo-Oke Road, Yaba, Ondo.
P. O. Box 5, Kuta.
GSM: 08054343169 P.M.B. 550, Ondo.
Tel: 066-690444
Tel: 034-610313, 610800
421. OPIC Cattle Cash Centre. Fax: 034-244838
Oluwanishola Cattle Market, OPIC Estate, Isheri. GSM: 08033781082

BRANCH NETWORK
436. Ore Branch. OYO STATE 462. Ibadan Orita Challenge Branch.
1 Market Road, Sabo Quarters, P.O. Box 55, Ore, Old Lagos Road, P.M.B. 5125, Ibadan.
Odigbo L.G.A. 450. Ibadan, Apata Branch. Tel: 02-2311047, 2317376
GSM: 08056431907, 08023284305 SW9/960, Apata Ganga, P.M.B. 5386 Ibadan. Fax: 02-2314462
Tel: 02-2319937, 2313402 GSM: 08023158989
437. Owo Branch. Fax: 02-2310237
Idimisasa Street, P.M.B. 1012, Owo L.G.A. 463. Ibadan U.I Branch.
Tel: 051-241423, 241174, 240074 451. Awe Branch. P.M.B. 128, U.I. Post Office.
Fax: 051-241006 Ife-Odan Road, P.M.B. 1017, Awe. Tel: 02-8103902, 7517186, 7517195, 8103902
GSM: 08066915585 Tel: 038-230663, 240663 GSM: 08023157541
GSM: 08033955309, 08083004134
OSUN STATE 464. Ibadan Iwo Road Branch.
452. Ibadan, Bodija Market Branch. 59, Iwo Road, Ibadan.
438. Ede Branch. 23, Bodija Mkt., Iso Pako Rd., Opposite Police Tel: 02-8104385, 713680-1
117 Station Road, P.M.B. 217, Ede, Osun State. Station, P.M.B. 38, U.I Post Office, Ibadan GSM: 08034239611
Tel: 035-360175, 360105, 360565, 360138 Tel: 02-8108070, 7512932
GSM: 08033619218 GSM: 08022232003, 08057600278 465. Ogbomoso Branch.
Akinwale Str, Tackie Square, P.M.B. 3591,
439. Erin Osun Branch. 453. Ibadan Agodi Branch. Ogbomoso.
Council Road, Erin-Osun, Oyo State Secretariat, P.M.B. 5153, Ibadan. Tel: 038-710801, 710089, 720089
P.M.B. 5001, Erin-Osun. Tel: 02-2412981, 8102981, 8107061, 8101231, GSM: 07027361159
GSM: 08033955767 8103924, 8102931 Fax: 038-721479
GSM: 08057317712
440. Ijebu-Jesa Branch. 466. Olorunsogo Akaran Branch.
A59 Oja Street, P.M.B. 1003, Ijebu-Jesa. 454. Ibadan Amunigun Branch. Sawia, Olorunsogo Akanran Road, Off Lagos-Iwo
GSM: 08034720026 Amunigun Street, P.M.B. 5120, Ibadan, Road, Expressway, Ibadan.
Tel: 02-2413616, 2411653 GSM: 08052032237, 08023611662
441. Ilesa Branch. Fax: 02-2411579
Ereja Street, P.M.B. 5016, Ilesa. GSM: 08025369870 467. Okeho Branch.
Tel: 036-460355, 460631 Ijo Quarters, Near Okeho Town Hall , Okeho.
GSM: 08023159015 455. Ibadan Bank Road Branch. GSM: 08053243806
Bank Road, P.M.B. 5111, Ibadan.
442. Ile-Ife Branch. Tel: 02-2413156, 2413042, 2412995, 7514229 468. Oko Branch.
27 Lagere Layout, P.M.B. 5534, Ile-Ife. Fax: 02-2413659 Osogbo Road, P.M.B. 4008, Ejigbo.
Tel: 036-233464-5, 230416 GSM: 08055335129, 08023157542
Fax: 036-231248 456. Ibadan Bola Ige-Business Complex Branch
GSM: 08033177361 (formerly Gbagi Market Branch). 469. Oyo Branch.
Shop D 30, C/O Bank Road Branch, Asogo Street, P.M.B. 1002, Oyo.
443. Inisa Branch. P.M.B. 5111, Ibadan. Tel: 038-230437, 230108, 240108
Market Square, P.M.B. 2007, Inisa. Tel: 02-7524885, 8108431 GSM: 08023283654
Tel: 035-670189 GSM: 08023158591
GSM: 08054105583 470. Oyo II Branch.
457. Ibadan I.I.T.A Agency. Owode Junction, along Ibadan-Ogbomosho
444. Ipetu-Ijesa Branch. C/O Ibadan (Main) Branch, P.M.B. 5111, Ibadan. Road, Owode, Oyo Town.
Palace Square, Oke-Oja. P.M.B. 2003, Ipetu-Ijesa. Tel: 02-2413765, 2411521, 2412995. Phone: 028775232
GSM: 08059374305
458. Ibadan Molete Branch. 471. University College Hospital (UCH) Branch.
445. Iseyin Branch. 48 Molete/Challenge Rd, Ibadan. P.M.B. 086, Opposite Water Treatment Plant
10/12 Oremoje Area, Saki Rd, P.M.B. 2020 Iseyin Mapo, Ibadan. University College Hospital
GSM: 08052171639, 07055339236 Tel: 02-2319784, 2319906 GSM: 08055994901, 07029811091
446. Oshogbo Gbongan Branch. GSM: 08055217677
472. Saki Branch.
Old Coca Cola Gbodofan Road, Osogbo, 459. Ibadan Mokola Branch. Sango Road, Ajegunle, Saki
Osun State. 3 Queen Elizabeth Road, Mokola Roundabout Tel: 038-900015
Tel: 036-202281 P.M.B. 5040 Dugbe Ibadan GSM: 08055000855, 08033704412,
GSM: 08034720026, 08030822240 Tel: 02-4806537, 8721398 08056515346
447. Oshogbo Okefia Branch. 460. Ibadan Oke Ado Branch. PLATEAU STATE
11, Alekuwodo Road, Okefia, Osogbo. 203 Obafemi Awolowo Way, Oke Ado, Ibadan
Tel: 035-214882, 035-214883 Tel: 02-8735384 473. Amper Agency.
GSM: 08034660388 C/O Mangu Branch, P. O. Box 60, Mangu.
448. Obafemi Awolowo University Branch.
Road 1, Obafemi Awolowo University, Ile Ife. 461. Ibadan Oluyole Estate Branch. 474. Barkin-Ladi Branch.
P.M.B. 40 OAU Post Office, Ile-Ife. 7, Town Planning Way, Oluyole Industrial Estate Block 25 A&B, State Low Cost,
Tel: 035-209909 P.M.B. 5181, Ibadan. P.M.B. 2007, Barkin-Ladi.
GSM: 07098809672, 07098809671, Tel: 02-2316586 Tel: 023-92002
08034726422, 07027957855 GSM: 08023158258 GSM: 08036095958
449. Osogbo Branch. 475. Bassa Branch.

152 Station Road, P.M.B. 301, Osogbo. P. O. Box 1377, Bassa.
Tel: 035-230135, 234449, 241355, 243135 Tel: 073-464829
GSM: 08033823557 GSM: 08034534309

161
Subsidiaries 135
143
146
Branch Network 149
476. Bukuru Branch. 489. Port Harcourt Diobu Branch. SOKOTO STATE
31 Bukuru Road, P.M.B. 2002, Bukuru. 33 Ikwerre Road, Diobu, P.O. Box 5007,
Tel: 073-280807, 280273 Port Harcourt. 500. Sokoto Dan Fodio Branch.
Tel: 084-232266-9, 749923, 232766 Abdullahi Fodio Road, P.M.B. 2116, Sokoto.
477. Bukuru Police College Agency. GSM: 08023127017, 08035666660 Tel: 060-232130, 232967
Police College Bukuru, P.M.B 02, Bukuru. Fax: 084-232268 Fax: 060-231978, 234369
GSM: 08033647662, 08065467063
478. Jos Gov. Sect. Branch. 490. PH Garrison Branch.
c/o Govt. Secretariat, Jos. 1, Agudama Ave, D Line, Port Harcourt 501. Gidan Madi Agency.
Tel: 073-464706, 464770, 464796 Tel: 084-23600-2, 486198, 443678, 463698 c/o Sokoto (Main) Branch, P.M.B. 2116, Sokoto
GSM: 08037030156 Fax: 084-236000
502. Illeila Branch.
479. Jos Main Branch. GSM: 08034545222, 08054476085
Birnin Konni Road, c/o Sokoto (Main) Branch,
Bank Street, P.M.B. 2027, Jos. 491. Port Harcourt Main Branch. P.M.B. 2116, Sokoto.
Tel: 073-452302, 452245, 452546, 459654, 22/24 Aba Road, Port Harcourt. GSM: 08069792596, 08054719820,
452733 Tel: 084-232407, 232644, 231789 232492, 08065718623
GSM: 08023015650 232731, 234277, 465115, 232718
Fax: 073-452961 503. Sokoto Main Branch.
Fax: 084-233005
Kano Road, P.M.B. 2160, Sokoto,
480. Jos Market Branch. GSM: 08033240555
Tel: 060-231251, 231235,232967 237483
Market Road, P.M.B. 467, Jos. 492. PH Olu Obasanjo Rd, Branch. GSM: 08065467063, 08033647662
Tel: 073- 453933, 451194 Plot 346, Olu Obasanjo Rd, PH. Fax: 060-231978, 234369
GSM: 08034504497 P.M.B. 5405 Port Harcourt
Fax: 073-457629 504. Tambawal Branch.
Tel: 084-465468, 465098, 230251, 230253,
Opposite Health Centre, P.M.B. 1082, Tambawal.
481. Jos Unijos Branch. 230262-3
Tel: 060-550378
2 Bauchi Road Campus. c/o P.M.B. 2027, Jos. Fax: 084-238529, 464226
GSM: 08022808781
Tel: 073-610592, 458556. GSM: 08033091190, 08023070060
Fax: 060-550378
GSM: 08036002859 493. Port Harcourt Rumuola Branch.
77 Rumuola Road, Rumuola, Port-Harcourt TARABA STATE
482. Kurgwi Branch.
c/o Lafia Branch, P.M.B. 5, Lafia. Tel: 084-464475 505. Bambur Branch.
GSM: 08034869381 GSM: 08037050097, 08036726973 c/o Yola (Main) Branch, P.M.B. 2050, Yola
483. Mangu Branch. 494. Port Harcourt Rumuokwurusi Branch. 506. Jalingo Branch.
P.O. Box 60, Mangu 315, P/H/Aba Road, (Izzi House), P.M.B. 5736, 65 Barde Way, P.M.B. 1095, Jalingo.
GSM: 08036068496 Port Harcourt Tel: 079-222098, 223244.
Tel: 084-612383, 612663, GSM: 08035920281
RIVERS STATE Fax: 084-612660
GSM: 08033091193 507. Karim Lamido Branch.
484. Bonny Branch. P.M.B. 4, Yola.
2 New Road, Bonny. 495. Port Harcourt Rumuomasi Branch. GSM: 08033522312
Tel: 084-270123, 270153 Aba Road, P. O.Box 646, Port Harcourt.
Fax: 084-270671, 270152 Tel: 084-332031, 489590, 232657 508. Lau Branch.
GSM: 08058522484, 08033905597 Fax: 084-331491, 463881 P.M.B. 4, Lau.
GSM: 08029990194
485. Bonny Hospital Road Branch. 509. Mayo Ndaga Branch.
24, Hospital Road, Bonny Island. 496. Port Harcourt Station Road Branch. c/o Yola (Main) Branch, P.M.B. 2050, Yola.
Tel: 084-270136-8 1 Station Road, Port Harcourt
510. Zing Branch.
Fax: 084-270153 P.M.B. 5007, Port Harcourt.
c/o Yola (Main), P.M.B. 2050, Yola.
GSM: 08033416164, 08054960892 Tel: 084-572852, 233597-8, 236732, 233600
GSM: 08054491213, 07037770319
Fax: 084-233598, 233597
486. Bonny NLNG Branch. GSM: 08027339732, 08037864838,
NLNG Residential Area, Bonny. YOBE STATE
08033126780, 08024948832
Tel: 084-232900 Ext 493, 332150 511. Damaturu Branch.
Fax: 084-332110 497. Port Harcourt Harbour Road Branch. Gashua Road, P.M.B. 1009, Damaturu.
GSM: 08053345173, 08023143065 1, Harbour Road, P.M.B. 6197, Port Harcourt. Tel: 076-522980, 522545
Tel: 084-231786 Fax: 076-522543
487. Choba Branch. Fax: 084-232207
206, Uniport Road, Choba, Port Harcourt GSM: 08023234970
GSM: 08023123083
Tel: 084-897558, 895648 512. Damagun Agency.
GSM: 08052360613, 08052360613 498. Port Harcourt Trans-Amadi Branch. c/o Damaturu Branch, Gashua Road,
Plot 745, Trans-Amadi Ind. Estate P.M.B. 1009,Damaturu.
488. Onne Branch. P.M.B. 5865, Port Harcourt.
FLT Onne Road, Opposite Intels Camp (OGFZA) Tel: 076-522980.
Tel: 084-233780, 461275, 480952 231453 Fax: 076-522545.
P.M.B. 6197, Onne Fax: 084-461276
Tel: 084-898211 GSM: 08033039279
GSM: 08033118685
499. Port Harcourt Shell Branch.
Shell Complex, Port Harcourt.
Tel: 084-421967, 422693
GSM: 08033384601

BRANCH NETWORK
513. Gashua Branch.

Opposite Market, P.M.B. 04, Gashua.
Tel: 076-700563
GSM: 08065452330
514. Geidam Branch.

Commercial Area, P.M.B. 12, Nguru.
GSM: 08069826277, 08029544737
515. Nguru Branch.

Ali Kahtan Road, P.M.B. 12, Nguru.
Tel: 076-740255, 420485
GSM: 08037051976
516. Potiskum Branch.

Ibrahim Alkali Road, P.M.B. 46, Potiskum.
Tel: 076- 420042
GSM: 08023272288, 08034390011
ZAMFARA STATE
517. Anka Branch.
Daki Takwas Road, P.M.B. 1003, Anka,
Tel: 063-36139, 200243, 203202
GSM: 08065547393, 08025905651
Fax: 063-202261
518. Bakura Branch.

Opposite Bakura Central Mosque, Bakura,
Zamfara State.
GSM: 08075337080, 08069224522
519. Gummi Branch.

Opposite L.G.A. Secretariat, P.M.B. 02, Gummi.
Tel: 063-73163, 73168
GSM: 08034725916, 08020005328
520. Gusau Branch.

Canteen Area, P.M.B. 1019, Gusau.
Tel: 063-200243, 203202, 202102
Fax: 063-202261
GSM: 08036067470, 08023158358
521. Kaura Namoda Branch.

Gusau Road, P.M.B. 1002, K/Namoda.
Tel: 063-60173
GSM: 08065240725, 08082381842
522. Talata Mafara Branch.

Along Sokoto Gusau Road, Talata Mafara
GSM: 08067234644
523. Shinkafi Branch.

Isa/Gusau Road, P.M.B. 02, Shinkafi.
GSM: 08082385781

163
Global Depositary Forms 168
Receipt Programme 164 Proxy Form
Shareholding Structure 164 E-Dividend Form
Dividend History 164 CSCS Account Notification Form
Share Capitalisation History 165 Shareholder Online Access
Financial Calendar 166 Registration Form
Notice of Annual E-Share Notifier Subscription Form
General Meeting
SHAREHOLDER
INFORMATION

164 Shareholder Information
shareholdER INFORMATION
Global Depositary Receipt Programme

The Bank offered USD100 million as Global Depositary Receipt (GDR), administered by Deutsche Bank, London, during its last public
offering of N100 billion in 2007 (when it raised N250 billion) and made a full return as at March 31, 2008. A total of 7,700,400 units
of First Bank GDR were created at the time with each unit representing 50 units of First Bank shares at nominal value. Therefore a total
of 385,020,000 units of First Bank shares were encapsulated in the GDR programme at inception.
During the year, several investors in the programme converted their holdings in GDR to nominal First Bank shares for the purpose of
trading in the equity capital market, receiving dividends and bonuses in the appropriate currencies and share classifications.
The Global Custody Unit (First Nominees Nigeria Limited) of First Bank of Nigeria Plc is both the custodian and the settlement bank for
this GDR position.
Shareholding Structure as at 31/3/2009
Type Number of Holders Holdings % Holdings

Foreign 1,700 60,361,504 0.24%
Corporate Body 24,135 9,687,296,516 38.96%
Individual 1,269,866 15,114,882,443 60.79%
24,862,540,463 100%
Ten-Year Dividend and Unclaimed Dividend History as at March 2007
Div. no. Div. type Year ended Date declared Total div. Div. per Net Div. amt. % Net Div. amt.
amount (N) share (N) Unclaimed (N) Unclaimed
41 Final 3/31/1998 8/24/1998 1,625,897,206.00 1.00 43,016,748.30 2.65%
42 Final 3/31/1999 8/19/1999 1,625,897,206.00 1.00 49,117,144.50 3.02%
43 Final 3/31/2000 7/31/2000 2,032,371,507.50 1.25 72,904,326.01 3.59%
44 Final 3/31/2001 7/30/2001 2,113,785,913.20 1.30 111,225,089.59 5.26%
45 Final 3/31/2002 8/5/2002 2,640,065,847.90 1.30 126,707,615.19 4.80%
46 Final 3/31/2003 8/4/2003 3,811,263,675.00 1.50 126,260,056.80 3.31%
47 Final 3/31/2004 8/23/2004 5,513,901,111.80 1.55 299,021,645.43 5.42%
48 Final 3/31/2005 8/29/2005 6,403,122,540.80 1.60 423,543,261.78 6.61%
49 Final 3/31/2006 8/28/2006 5,239,237,558.00 1.00 326,947,388.40 6.24%
50 Final 3/31/2007 9/3/2007 10,479,845,385.00 1.00 1,421,830,260.00 13.57%
If you have not received any of your share certificates and dividends, kindly contact:
The Registrar Abuja Office
First Registrars Nigeria Limited Coomasie House (2nd Floor),
Plot 2 Abebe Village, Iganmu Plot 777, M. Buhari Way
P.M.B. 12692, Marina, Lagos, Nigeria Central Business District, Abuja
Tel: +234-1-2701078 & 9 Tel: +234-9-6706140

165
Share Capitalisation History
Year Authorised N Issued (N) No. of shares Consideration

Increase Cumulative Increase Cumulative
31-Dec-1973 - 10,000,000 9,700,000 9,700,000 Cash

10-Jun-1975 5,000,000 15,000,000 1,940,000 11,640,000 11,640,000 Bonus
27-Jul-1976 - 15,000,000 2,328,000 13,968,000 13,968,000 Bonus
28-Jul-1977 10,000,000 25,000,000 6,984,000 20,952,000 20,952,000 Bonus
27-Jul-1978 5,000,000 30,000,000 8,381,000 29,333,000 29,333,000 Bonus
28-Dec-1978 10,000,000 40,000,000 - 29,333,000 29,333,000 -
26-Jul-1979 10,000,000 50,000,000 14,666,200 43,999,200 43,999,200 Bonus
26-Jul-1980 20,000,000 70,000,000 2,315,747 46,314,947 46,314,947 Cash
24-Jul-1980 - 70,000,000 9,262,990 55,577,937 55,577,937 Bonus
29-Apr-1981 - 70,000,000 5,557,792 61,135,729 61,135,729 Bonus
29-Apr-1982 50,000,000 150,000,000 - 61,135,729 61,135,729 -
16-Apr-1986 - 150,000,000 6,113,574 67,249,303 67,249,303 Bonus
9-Apr-1987 - 150,000,000 13,449,862 80,699,165 80,699,165 Bonus
8-Apr-1988 - 150,000,000 - 80,699,165 80,699,165 -
27-Apr-1989 - 150,000,000 - 80,699,165 161,398,330 Stock split from N1.00 to 50 kobo
26-Apr-1990 - 150,000,000 - 80,699,165 161,398,330 -
26-Apr-1991 - 150,000,000 - 80,699,165 161,398,330 -
27-Apr-1992 - 150,000,000 - 80,699,165 161,398,330 -
29-Apr-1993 - 150,000,000 26,899,721 107,598,886 215,197,772 Bonus
28-Apr-1994 150,000,000 300,000,000 107,598,882 215,197,768 430,395,536 Bonus
25-Apr-1995 - 300,000,000 53,799,441 268,997,209 537,994,418 Bonus
25-Apr-1996 - 300,000,000 67,249,301 336,246,510 672,493,020 Bonus
22-May-1997 700,000,000 1,000,000,000 100,000,000 436,246,510 872,493,020 Cash
22-May-1997 - 1,000,000,000 84,061,627 520,308,137 1,040,616,274 Bonus
23-Jul-1998 - 1,000,000,000 130,077,034 650,385,171 1,300,770,342 Bonus
27-Jul-2000 - 1,000,000,000 162,596,292 812,981,463 1,625,962,926 Bonus
26-Jul-2001 2,000,000,000 3,000,000,000 203,245,365 1,016,226,828 2,032,453,656 Bonus
31-Jul-2002 - 3,000,000,000 254,056,705 1,270,283,533 2,540,567,066 Bonus
31-Jul-2003 - 3,000,000,000 254,056,705 1,524,340,238 3,048,680,476 Bonus
19-Nov-2003 - 3,000,000,000 254,056,705 1,778,396,943 3,556,793,886 Cash
19-Aug-2004 - 3,000,000,000 222,299,589 2,000,696,532 4,001,393,063 Bonus
20-Jun-2005 - 3,000,000,000 500,174,160 2,500,870,692 5,001,741,383 Bonus
3-Jan-2006 20,009,495 2,520,880,187 5,041,760,373 FBN Plc Shares Issued In Exchange
for Minority Shares In FBN Merchant
Bankers
3-Jan-2006 64,196,005 2,585,076,192 5,170,152,383 FBN Plc Shares Issued In Exchange
for MBC Shares
3-Jan-2006 34,258,503 2,619,334,694 5,238,669,388 FBN PLC Shares Issued to majority
Shareholders In FBN Merchant Bank
arising from the Consolidation
24-Aug-2006 7,000,000,000 10,000,000,000 2,619,334,694 5,238,669,388 10,477,338,776 Increase/Bonus
22-Aug-2007 873,111,565 6,111,780,953 12,223,561,906 Bonus
1-Jul-2007 3,833,235,233 9,945,016,186 19,890,032,371 2007 Hybrid Offer
22-Aug-2008 5,000,000,000 15,000,000,000 2,486,254,046 12,431,270,232 24,862,540,463 Bonus
166 Shareholder Information
2009 Provisional Financial Calendar

Although we shall make every attempt to observe the dates below, please note that all
future dates are provisional and subject to change.
Event Date
Annual General Meeting Aug 20
2008 final dividend paid Aug 27
2009 Q1 results announcement 1st week Aug
2009 Q2 results announcement 1st week Nov
2009 Q3 results announcement 1st week Jan
New Financial year end Dec 2009
Announcement of FY 2010 results April 2010

NOTICE OF ANNUAL
GENERAL MEETING
FIRST BANK OF NIGERIA PLC

RC 6290
NOTICE OF ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN that the 40th Annual General Meeting of members of FIRST BANK OF NIGERIA PLC will be held at the
Congress Hall, Transcorp Hilton, No 1, Aguiyi Ironsi Street, Maitama, Abuja on Thursday, August 20, 2009 at 11.00 a.m. to transact
the following:
Ordinary Business
1. To receive the audited accounts for the year ended March 31, 2009 together with the reports of the Directors, Auditors and Audit
Committee thereon;
2. To declare a dividend;
3. To elect Directors;
4. To approve the remuneration of Directors;
5. To authorise the Directors to fix the remuneration of the Joint Auditors;
6. To elect members of the Audit Committee.
Special Business
To consider and if thought fit, pass the following as Special Resolution:
7. “That pursuant to Article 47 of the Articles of Association of the Company, the Directors having so recommended, it is desirable
to capitalise the sum of N2.1 billion from the balance of General Reserve and accordingly that such sum be set free for distribution
amongst the members on the Register of Members at the close of business on Friday, July 17, 2009, on condition that the same be
not paid in cash but applied in paying up in full at par 4,143,756,742 of the unissued ordinary shares of 50 kobo each to be allotted,
distributed and credited as fully paid-up to and amongst such members in the proportion of one new ordinary share for every six
ordinary shares held by them on that day, and such new shares shall rank for all purposes pari passu with the existing issued ordinary
shares of the company, the shares so distributed being treated for all purposes as capital and not as income and these new shares
shall not qualify for payment of dividend in respect of the 2008/2009 accounts, and the Directors shall give effect to this resolution
on receipt of the necessary permission from the authorities.”
Proxy
A member entitled to attend and vote at the Annual General Meeting is entitled to appoint a Proxy to attend and vote in his stead.
A Proxy need not also be a member. A proxy form is at the end of the financial statements. All instruments of proxy should be duly
stamped at the Stamp Duties Office and deposited at the registered office of the Company or the Office of the Registrar, Plot 2, Abebe
Village Road, Iganmu, Lagos not later than 48 hours before the time for holding the meeting.
Dividend Warrants
If the dividend recommended by the Directors is approved by members at the Annual General Meeting, the dividend warrants will be posted
on August 24, 2009 to members whose names appear in the Register of members at the close of business on Friday, July 17, 2009.
Closure of Register of Members
The Register of Members and Transfer Books of the Company will be closed from July 20–24, 2009 (both dates inclusive) for the
purpose of payment of dividend.
Note
Any member may nominate a shareholder as a member of the Audit Committee by giving notice in writing of such nomination to the
Secretary of the Company at least 21 days before the Annual General Meeting.
BY ORDER OF THE BOARD
Tijjani M. Borodo
COMPANY SECRETARY
35 MARINA, LAGOS Borodo, Tijjani Mohammed
Dated this 25th day of June, 2009 Company Secretary
PROXY FORM
FIRST BANK OF NIGERIA PLC {RC 6290}
40th ANNUAL GENERAL MEETING TO BE HELD at the Congress Hall, Transcorp Hilton,
No.1, Aguyi Ironsi Street, Maitama, Abuja on Thursday, August 20, 2009 at 11.00 a.m.
*”I/We...................................................................................................................... I/We desire this proxy to be used in favour of/or
against the resolution as indicated below.
(Name of Shareholder in block letters)
the undersigned, being a member/members of the above named Company hereby RESOLUTION FOR AGAINST
appoint the Chairman of the meeting or failing him 1) T o receive the audited
accounts, Directors,
............................................................................................. as my/our Proxy to vote Auditors and Audit
Committee Reports
for me/us and on my/our behalf at the Annual General Meeting of the Company to
2) To declare a dividend
be held on August 20, 2009 and at any adjournment thereof.”
3) To elect Directors
4) T o approve the remuneration
Unless otherwise instructed, the Proxy will vote or abstain from voting as he/she of Directors
thinks fit. 5) T o authorise the Directors to
fix the remuneration of the
Joint Auditors
Dated this................................................ day of................................................ 2009 6) T o elect members of the

Audit Committee
7) To declare bonus
Signature...................................................................................................................
Please indicate with “X” in the appropriate
NOTES: box how you wish your vote to be cast on the
1. This form of proxy together with the power of attorney or other authority, if any, resolutions set out above. Unless otherwise
instructed, the Proxy will vote or abstain from
under which it is signed or a notarial certified copy thereof must reach the Registrar,
voting at his/her discretion.
FIRST REGISTRARS NIGERIA LIMITED, PLOT 2, ABEBE VILLAGE ROAD, IGANMU,
LAGOS, not later than 48 hours before the time for holding the meeting.
2. Where the appointor is a corporation, this form may be under seal or under hand
of any officer or attorney duly authorised.
3. This proxy will be used only in the event of poll being directed, or demanded.
4. In the case of joint holders, the signature of any one of them will suffice, but the
names of all joint holders should be shown.
5. It is a legal requirement that all instruments of proxy must bear appropriate
stamp duty (currently N500.00) from the Stamp Duties Office, and not adhesive
postage stamps.
Before posting the above form please tear off this part and retain it for admission to
the meeting.
ADMISSION FORM
FIRST BANK OF NIGERIA PLC {RC 6290}
40TH ANNUAL GENERAL MEETING TO BE HELD at the Congress Hall, Transcorp Hilton,
No.1, Aguyi Ironsi Street, Maitama, Abuja on Thursday, August 20, 2009 at 11.00 a.m.
*Name of Shareholder...............................................................................................
*Name of Proxy.........................................................................................................
IF YOU ARE UNABLE TO ATTEND THE MEETING

A member (shareholder) entitled to attend and vote is entitled to appoint one or more Proxies to attend and
vote instead of him. A Proxy need not be a member. The above proxy form has been prepared to enable you
exercise your right to vote.
IMPORTANT
*Please insert your name in BLOCK CAPITALS on both proxy and admission forms where asterisked. Insert the
name of any person, whether a member of the company or not, with the exception of the Chairman of the
company, who will attend the meeting and vote on your behalf.
E-DIVIDEND
To:
The Registrar,
First Registrars Nigeria Limited,
Plot 2, Abebe Village Road,
Iganmu, P.M.B. 12692,
Marina, Lagos,
Nigeria
I/We hereby request that from now on, all dividend warrant(s) due to me/us from my/our
holding(s) in
First Bank of Nigeria Plc be paid directly to my/our Bank named below
Surname........................................................................................................................
First Name.....................................................................................................................
Other Names.................................................................................................................
Address.........................................................................................................................
.....................................................................................................................................
City................................................................................................................................
State..............................................................................................................................
Country.........................................................................................................................
Postal Code...................................................................................................................
Mobile Phone................................................................................................................
Email.............................................................................................................................
Shareholder’s Signature
(1)...........................................................................................................
(2)...........................................................................................................
Company’s Authorised Signatures/Seal...........................................................................
Bank Account Details

Bank Name....................................................................................................................
Bank Branch Address.....................................................................................................
.....................................................................................................................................
Bank Account Number...................................................................................................
Branch Sort Code (very important). .....................................................................................
Bank’s Authorised Signatures & Stamp...........................................................................
Website: www.firstregistrarsnigeria.com Email: info@firstregistrarsnigeria.com

CSCS Account
Notification
To: Name of Company Account Number

The Registrar,
Plot 2, Abebe Village Road,
Marina, Lagos,
Nigeria
Please credit my account at Central Securities Clearing Systems Limited (CSCS) with
all subsequent allotments and bonuses due to me from holdings in the companies as
indicated in the right-hand column.
Personal Data
Surname....................................................................................................................
Other Names.............................................................................................................
Address.....................................................................................................................
.................................................................................................................................
.................................................................................................................................
Mobile Phone............................................................................................................
Email.........................................................................................................................
Shareholder’s Signature
(1).......................................................................................................
(2).......................................................................................................
Corporate Seal/Stamp (for Corporate Shareholders).............................................................

CSCS Details
Stockbroker...............................................................................................................
C
Clearing House Number.............................................................................................
.................................................................................................................................
Authorised Signature & Stamp of Stockbroker
Please attach a copy of your CSCS statement to this form as evidence that a
CSCS account has been opened for you.

Shareholder
online access
Registration
Form
To: Shareholder account
The Registrar, information
Plot 2, Abebe Village Road, Name of Company Account Number

Marina, Lagos,
Nigeria
Please fill in the form and return to the address above
Surname....................................................................................................................
First Name.................................................................................................................
Other Names.............................................................................................................
Address.....................................................................................................................
.................................................................................................................................
City............................................................................................................................
State..........................................................................................................................
Country.....................................................................................................................
Postal Code...............................................................................................................
Mobile Phone............................................................................................................
Email.........................................................................................................................
Signature...................................................................................................................
Note
Your username and password will be sent to your email account soon.

E-SHARE NOTIFIER
SUBSCRIPTION FORM
To: Shareholder account

The Registrar, information
Plot 2, Abebe Village Road, Name of Company Account Number

Marina, Lagos,
Nigeria
Please fill in the form and return to the address above
Surname....................................................................................................................
First Name.................................................................................................................
Other Names.............................................................................................................
Address.....................................................................................................................
.................................................................................................................................
City............................................................................................................................
State..........................................................................................................................
Country.....................................................................................................................
Postal Code...............................................................................................................
Mobile Phone............................................................................................................
Email.........................................................................................................................
Signature...................................................................................................................
Corporate Seal/Stamp (for Corporate Shareholders).............................................................

Charges
Individual: N1000 per annum
Corporate Bodies: N2000 per annum
Stockbrokers: N5000 per annum
Note
All payments should be made into Account No. 1912030017374 in any FirstBank branch
nationwide and a copy of the payment slip attached to this form upon submission.

ABBREVIATIONS
ANNUAL
ALCO – Assets & Liabilities Management Committee KRI – Key Risk Indicator
ATM – Automated Teller Machine LAD – Loans and Advances
BARAC – Board Audit and Risk Assessment Committee LASACS – Large Scale Agricultural Credit Scheme
BDO – Business Development Office mbd – million barrels a day
REPORT
CAGR – Cumulative Annual Growth Rate MDAs – Ministries, Departments and Agencies
CAM – Classified Assets Management Dept MFBs – Microfinance Banks
CAP – Credit Analysis & Processing Dept MFR – Member of the Order of the Federal Republic
CBN – Central Bank of Nigeria mni – Member National Institute
& ACCOUNTS
CCO – Chief Compliance Officer MPA – Mortgage Plan Account
CON – Commander of the Order of the Niger MPC – Monetary Policy Committee
CPFA – Close Pension Fund Administrator MPR – Monetary Policy Rate
CRM – Credit Risk Management N – Naira
CRO – Chief Risk Officer NSE – Nigerian Stock Exchange
CSA – Children Savings Account OFR – Officer of the Federal Republic
CSCS – Central Securities Clearing System OPL – Open Position Limit
2009
CSR – Corporate Social Responsibility ORM – Operational Risk Management Division
Introduction 2 Business Review 23
EAR – Earnings At Risk OTC – Over The Counter
Financial Highlights 2 Operating Environment 24
Chairman’s Statement 4 Industry Review and Outlook 30 ED – Executive Director PAT – Profit After Tax
Group Managing Director/ The Bank 36 EPS – Electronic Payment System PFA – Pension Fund Administrator
CEO’s Review 7 Corporate Social Responsibility 42
EXCO – Executive Committee POS – Point of Sale
Milestones 14 Key Performance Indicators 48
Board of Directors 16 FBN BDC – FBN Bureau de Change Ltd RCSA – Risk Control Self Assessment
Awards 22 FBN MB – FBN Microfinance Bank Ltd RDAS – Retail Dutch Auction System
FBN UK – FBN Bank (UK) Ltd RMD – Risk Management Directorate
About FirstBank FCA – Fellow of the Institute of Chartered Accountants of Nigeria RTGS – Real Time Gross Settlement System
Headquartered in Lagos, FirstBank has international presence through its FFL – First Funds Ltd SBU – Strategic Business Unit
subsidiary FBN Bank (UK) in London and Paris and its offices in Johannesburg and
FGN – Federal Government of Nigeria SEC – Securities and Exchange Commission
Beijing. With about 1.3 million shareholders across several countries, FirstBank is
quoted on The Nigerian Stock Exchange and has an unlisted Global Depository FIRS – Federal Inland Revenue Service SMEEIS – Small and Medium Enterprise Equity
Investment Scheme
Receipt (GDR) programme. FRNL – First Registrars Nigeria Ltd
SMIEIS – Small and Medium Industries Equity
FSRCC – Financial Sector Regulatory Coordinating Committee
The Bank provides a comprehensive range of retail and corporate solutions Investment Scheme
FSS – Financial Sector Strategy
and through its subsidiaries contributes to national economic development – SRF – Strategic Resource Function
in capital market operations, insurance brokerage, bureau de change, private FTNL – First Trustees Nigeria Ltd
TLP – Total Loan Portfolio
equity/venture capital, pension funds management, registrarship, trusteeship, GCFR – Grand Commander of the Order of the Federal Republic
TSR – Total Shareholder Return
mortgages and microfinance. GDR – Global Depository Receipt
VAR – Value At Risk
ISMD – Information Security Management Department
Drawing from experience that spans 115 years of dependable service, the Bank WDAS – Wholesale Dutch Auction System
has continued to strengthen its relationships with customers, consolidating KPI – Key Performance Indicator
alliances with key sectors that have been strategic to the well-being and growth
of Nigeria.
FirstBank, unarguably the country’s most diversified financial services group,

serves more than 4.2 million customers through 536 locations in Nigeria.
First Bank of Nigeria Plc
Head Office: 35, Samuel Asabia House, Marina, Lagos
First Bank of Nigeria Plc | Annual Report & Accounts 2009
Registration No. RC6290 First Bank of Nigeria Plc | Annual Report & Accounts 2009

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First Bank of Nigeria Plc

Head Office: 35, Samuel Asabia House, Marina, Lagos

First Bank of Nigeria Plc | Annual Report & Accounts 2009

FirstBank, unarguably the country’s most diversified financial services group,

Financial Review 73 Company Information 131 Shareholder Information 163

GROUP FINANCIAL HIGHLIGHTS

N2,009.9 billion 2,000

31.52% increase 2008: N1,528.2 billion

2005 2006 2007 2008 2009

N1,194.5 billion 800

2005 2006 2007 2008 2009

N218.3 billion 200

40.17% increase 2008: N155.7 billion

2005 2006 2007 2008 2009

Profit on ordinary activities before taxation 60

2005 2006 2007 2008 2009

First Bank of Nigeria Plc Annual Report & Accounts 2009

FINANCIAL HIGHLIGHTS Milestones

The Group The Bank

2009 2008 2009 2008

Major balance sheet items

Major profit and loss account items

Information per 50k ordinary share N N N N

First Bank of Nigeria Plc Annual Report & Accounts 2009

“Our tradition of firm governance, financial

foundations Gentlemen of the Press, Distinguished

First Bank of Nigeria Plc Annual Report & Accounts 2009

First Bank of Nigeria Plc Annual Report & Accounts 2009

FirstBank’s longstanding tradition of financial Board Changes Retirement by Rotation

First Bank of Nigeria Plc Annual Report & Accounts 2009

“It is to this rich tradition of achievement that I

growth and Gentlemen, in keeping with our

First Bank of Nigeria Plc Annual Report & Accounts 2009

First Bank of Nigeria Plc Annual Report & Accounts 2009

to 4.7% (2008: 1.5%). Risk provisions, securities suffered a diminution in value as a

First Bank of Nigeria Plc Annual Report & Accounts 2009

First Bank of Nigeria Plc Annual Report & Accounts 2009

1890 1900 1910 1920 1930 1940 1950

First Bank of Nigeria Plc Annual Report & Accounts 2009

1991 Most Active Stock (Market

1960 1970 1980 1990 2000 2010

“I was happy to hear about the forthcoming

First Bank of Nigeria Plc Annual Report & Accounts 2009

Mutallab, Alhaji Umaru A., CON Onasanya, Stephen Olabisi

First Bank of Nigeria Plc Annual Report & Accounts 2009

Adesola, Bola Lawanson, Kehinde Ngama, Yerima Lawan

First Bank of Nigeria Plc Annual Report & Accounts 2009

First Bank of Nigeria Plc Annual Report & Accounts 2009

USE PREVIOUS PIC

Afonja, Prince Ajibola A. Ajumogobia, Ibiai

First Bank of Nigeria Plc Annual Report & Accounts 2009

First Bank of Nigeria Plc Annual Report & Accounts 2009

Hassan-Odukale, Oyekanmi, MFR Mahmoud, Alhaji Abdullahi S.

First Bank of Nigeria Plc Annual Report & Accounts 2009

2008 External Awards

2007 External Awards

Internal Awards – Chief Executive Officer’s Annual Award (CAMA)

First Bank of Nigeria Plc Annual Report & Accounts 2009

First Bank of Nigeria Plc Annual Report & Accounts 2009

First Bank of Nigeria Plc Annual Report & Accounts 2009

First Bank of Nigeria Plc Annual Report & Accounts 2009

had depended in their battle to contain unemployment figures will, therefore,

First Bank of Nigeria Plc Annual Report & Accounts 2009

“Our tradition of firm governance, financial